Deutsche Bank invites top U.S. companies to overhaul its outdated tech
Date: 2020-02-13   Author: Pankaj Singh  Category: #news

Deutsche Bank invites top U.S. companies to overhaul its outdated tech

Investment banking firm, Deutsche Bank AG has recently announced that it will overhaul its fragmented and outdated technology networks by inviting companies like Google, Amazon, and Microsoft to place bids. Reportedly, all three tech firms have set up shop near Deutsche bank’s Frankfurt office to present proposals to upgrade the bank’s technology and collaborate on future projects.

Source cite that Deutsche Bank has allotted a 13 billion-euro ($14.20 billion) technology investment that would fuel its restructuring projects by 2022, a long coming move to recover from years of losses. Meanwhile, Bernd Leukert, Deutsche's Chief Technology Officer who previously worked for software group SAP, is supervising this initiative.

As per a statement, Deutsche Bank claims on planning to start a tender process with prominent cloud providers in order to evaluate its options. The bank expects this process to be completed in the coming months.

Keeping up with technological shift has always been a challenge for international banks, but Deutsche has struggled the most to streamline its networks all these years after undergoing a rapid global expansion which includes the purchase of Bankers Trust in the United States and Morgan Grenfell in London.

Currently, there are still some banks whose most basic procedures are outdated, with few retail customers still receiving their savings books form outdated printers.

In other news, Deutsche Bank made headlines recently when it issued approximately $1 billion in AT1 (Additional Tier 1) securities. The move comes as the bank works on managing its regulatory capital necessities.

The offer to AT1 securities would pacify investor worries over a long-standing redeemable U.S. dollar CoCo (contingent convertible) instrument, cite sources. In addition to this, Deutsche Bank’s decision comes at a time when the market for CoCo bonds has never been better, with numerous Italian banks tapping more on the market than expected.

Source Credit: https://www.thedailystar.net/business/global-business/news/deutsche-bank-taps-us-tech-companies-makeover-1866733



About Author


Pankaj Singh

Pankaj Singh

Pankaj Singh Develops content for Algosonline, Market Size Forecasters, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

Read More

More from Pankaj


Post Recommendents

Rotary Scroll Air Compressor Market is set to record 3% CAGR during forecast time
Author: Rahul Varpe

The size of the Rotary Scroll Air Compressor Market was accrued at USD 4.6 billion in 2018 and is presumed to accumulate over USD 5.5 billion by the year 2024. According to research, the Rotary Scroll Air Compressor Market is expected to grow with...


By 2025, Building Thermal Insulation Market is Expected to Grow at a CAGR of 4.5%
Author: Rahul Varpe

The Building Thermal Insulation Market size was estimated at USD 25 billion in 2018 and is projected to surpass USD 35 billion by the year 2025.

During the period of 2019-2025, the Building Thermal Insulation Market is anticipated to exp...


U.S. Residential Furnace Market Research Report to 2025 | Growth Study by Application & Product
Author: Rahul Varpe

The U.S. Residential Furnace Market is projected to expand from its present industry value of over $115 billion to more than $200 billion over the analysis timeframe.

According to the study with title ‘U.S. Residential Furnace Mark...