"the legacy stuff we work on goes out as well"
True, but for bigger and better screw-ups, outsourcing/offshoring to the cheapest possible operator is the way to go. We've had outages on ATM networks (and banking systems in general) in the 50+ years we've been running them, but can anyone remember one that went on for days (weeks if you're unlucky enough to be with Ulster Bank)? Then RBS sack all their experienced (expensive) staff and within months the roof falls in. Anyone else detect a pattern here (not if you're a bank executive, obviously)?
The latest 'cloud' (whatever that means) 'will fix all your IT problems' (where have I heard that line before) is just the latest example of short-term cost-reduction leading to (slightly) longer term disaster.