Deutsche Bank and Google agree multi-year, strategic partnership – News of Bahrain- DT News

SourceThe Daily Tribune - News of Bahrain
SectorFinancial Services

Frankfurt Deutsche Bank said on Tuesday it has agreed a strategic, multi-year partnership with Google to give the German lender access to cloud services and drive innovation in technology-based financial products for clients. Earlier this year, Deutsche invited bids from Google, Microsoft, and Amazon to overhaul the bank’s outdated and fragmented technology networks, according to Reuters. The deal is part of a 13 billion euro ($14.70 billion) technology investment Deutsche has planned up to 2022 as it restructures to recover from years of losses. Google and Deutsche have now signed a letter of intent and plan to sign a multi-year contract within the next few months, the bank said. A source familiar with the matter said that Deutsche Bank expects the partnership to generate more than 1 billion euros ($1.13 billion) in more...