On July 7, 2020 Deutsche Bank and Google Cloud have proposed to enter into a strategic, multi-year partnership. The partnership focuses on redefining how the bank develops and offers its financial services.
Significance of the partnership
The partnership enables co-innovation between the two companies to produce the next generation of technology-based financial products for clients and will provide Deutsche Bank accessing right to cloud services.
Key info about the partnership
i.Google and Deutsche have signed a Letter of Intent and have also planned to sign a multi-year contract shortly.
ii.Deutsche Bank expects the partnership will generate more than 1 billion euros (USD 1.13 billion) in accumulated earnings before income and tax (EBIT) over the next ten years.
iii.The deal is part of a 13 billion euro ( USD 14.70 billion)technology investment Deutsche bank has planned up to 2022 so as to restructure itself to recover from years of losses.
Background
In the beginning of 2020, Deutsche bank invited bids from Google, Microsoft , and Amazon to replace the bank’s outdated and fragmented technology networks.
About Deutsche Bank:
Headquarters– Frankfurt, Germany
Chief Executive Officer(CEO)– Christian Sewing
President– Karl von Rohr
About Google:
Headquarters– California, United States
CEO– Sundar Pichai
