Private Banks

Deutsche Bank looks to Big Tech players for digital overhaul

Deutsche Bank has been reported to be inviting bids from Big Tech companies such as Amazon, Google and Microsoft to upgrade its technology offering.

According to a Reuters report, the Bank has approach the US-based technology giants as part of its restructuring strategy, hoping to revitalise its technology platform; the Bank has allocated a reported USD14.2 billion to technology investments.

Bernd Leukert, Chief Technology Officer, Deutsche Bank is said to be overseeing the project.

In a statement, Deutsche Bank has said “to help us evaluate our options, we have started a tender process with several cloud providers ... we expect to be able to complete the process in the coming months.”

Amazon, Microsoft and Google have not offered any comments on the report.

In a memo released in October 2019, the firm commented that “To succeed, we need to fundamentally shift how we build technology and move to a new way of working.”

In the revamp, Deutsche Bank is said to be looking for a partnership that would be bigger in scope than work the tech companies have done for other banks in the past, one of the people with knowledge of the matter said, as written in the Reuters report.

The Bank is said to not be interested in a joint venture due to the potential impact of resulting overheads, boards and bureaucracy.