For BoA we need to consider that is a Bank and many of the information they store may be too sensitive to pass it to a third party which as we know always have security issues. Better to deal with those internally. Many factors to consider in this case: real estate, expertise in-house to build data centers, budgeting, technology required. In our case without Cloud would have been very difficult to bootstrap our business and manage it, as most of the budget was to hire engineers to work in our product and pay bill.
