Deutsche Bank invites top U.S. companies to overhaul its outdated tech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Deutsche Bank invites top U.S. companies to overhaul its outdated tech

Investment banking firm, Deutsche Bank AG has recently announced that it will overhaul its fragmented and outdated technology networks by inviting companies like Google, Amazon, and Microsoft to place bids.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Currently, there are still some banks whose most basic procedures are outdated, with few retail customers still receiving their savings books form outdated printers.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

Landscape Lighting Control System Market Size 2021: by Manufacturers, Countries, Type and Application
Author: Partha Ray

The Landscape Lighting Control System market analytical research added to Market Study Report, LLC, is an exhaustive study of the current trends driving this vertical across assorted geographies. Significant details pertaining to the market share,...


Aircraft De-Icing Fluids Market: Global Analysis of Key Manufacturers, Dynamics & Forecast 2021-2026
Author: Partha Ray

Market Study Report, LLC, has recently added a report on the Aircraft De-Icing Fluids market which provides a holistic synopsis of the market size, market valuation, revenue estimate, SWOT analysis, and the geographical spectrum of this industry. ...


Insulated Concrete Form Market Size Development Trends, Competitive Landscape and Key Regions 2026
Author: Partha Ray

Market Study Report, LLC, now offers a detailed analysis of the Insulated Concrete Form market in a new research that provides valuable business insights including revenue share, market size, market valuation, and regional spectrum of this vertica...