Deutsche Bank, Google launch multi-year partnership for cloud services

FRANKFURT: Deutsche Bank has agreed to a multi-year partnership with Google to provide the German investment bank access on cloud services.

Earlier this year, Deutsche invited bids from Google, Microsoft, and Amazon to overhaul the bank’s outdated and fragmented technology networks. The deal is part of a 13 billion euro ($14.70 billion) technology investment Deutsche has planned up to 2022. 

Google and Deutsche have now signed a letter of intent and plan to sign a multi-year contract within the next few months. Source from the concerned informed that the Deutsche Bank expects the partnership to generate more than 1 billion euros ($1.13 billion) in accumulated earnings before income and tax (EBIT) over the next ten years.

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“The partnership with Google Cloud will be an important driver of our strategic transformation,” said Deutsche Bank Chief Executive Christian Sewing.

He added, “It demonstrates our determination to invest in our technology as our future is strongly linked to successful digitization. It is as much a revenue story as it is about costs, he further added.