In this blog, we curate relevant and remarkable content related to digital banking, fintech and high-performance banking leaders. This piece by Reuters reports that as Deutsche Bank has tapped Oracle to simplify the bank’s IT and cut costs. Read on.
“FRANKFURT, June 24 (Reuters) – Deutsche Bank (DBKGn.DE) has tapped software firm Oracle (ORCL.N) to simplify its information technology systems, enabling Germany’s top lender to cut costs, a Deutsche Bank board member said on Thursday.
Deutsche Bank has spent years modernising its computer systems that have repeatedly caused headaches and which former Chief Executive John Cryan had publicly called “lousy”.
The migration is expected to take three to five years and should help lower Deutsche Bank’s total annual costs to 16.7 billion euros ($19.9 billion) by 2022 from the 19.5 billion it posted in 2020.”