Tuesday 11 February 2020 12:27 pm

Deutsche Bank taps US tech giants to help with overhaul efforts

Deutsche Bank has reportedly invited bids from Google, Microsoft and Amazon to overhaul its outdated technology networks as part of a wider turnaround effort by the German lender. 

Deutsche approached the US tech giants as part of a €13bn (£11bn) technology investment it has planned up to 2022 as it seeks to recover from years of losses, according to Reuters. 

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A spokesperson for Deutsche Bank said it was “committed to taking greater advantage of the opportunities offered by the cloud”.

“To help us evaluate our options, we have started a tender process with several cloud providers,” they continued, adding: “we expect to be able to complete the process in the coming months”.

Deutsche bank has struggled to harmonise its tech networks after years of rapid global expansion.

Google, Microsoft and Amazon all set up shop on a Deutsche site in Frankfurt last week to come up with proposals to fix the bank’s technology and partner with it on projects, Reuters reported.

This reportedly marked the start of a three-month pitch and bidding process after Deutsche’s chief technology officer Bernd Leukert held talks with tech executives in the US and Davos earlier this year. 

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The lender’s supervisory board recently signed off on plans for a broach tech overhaul to be overseen by Leukert, who recently joined Deutsche from software company SAP.

In an October memo to staff, executives including chief executive Christian Sewing and Leukert highlighted the priority, writing: “To succeed, we need to fundamentally shift how we build technology and move to a new way of working”.