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Deutsche Bank signs multi-year partnership with Google

Christian Sewing, CEO, Deutsche Bank

Deutsche Bank and Google Cloud announced a partnership today in a bid to boost the Bank’s financial services offerings. The partnership is expected to facilitate the provision of cloud services to Deutsche Bank and enable co-innovation between the two companies for the creation of tech-based financial products for clients. The company said that they have signed a Letter of Intent and will sign a multi-year contract within the next few months.

“For more than 150 years, Deutsche Bank has been an industry pioneer, with a strong record of innovation in the financial services sector,” said Sundar Pichai, CEO of Google and Alphabet. “We’re excited about our strategic partnership and the opportunity for Google Cloud to be helpful to Deutsche Bank and its clients as they grow their business and shape the future of the financial services industry.”

According to the Bank, the collaboration is expected to speed up its cloud transition and develop engineering capabilities for both companies. The Bank will leverage Google Cloud’s capabilities and boost its IT infrastructure for generating value for its clients. Deutsche Bank will also gain access to data science, artificial intelligence and machine learning for enhancing its customer service.

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

“This cooperation with Google Cloud is a significant step forward for our technology strategy, and will transform the way we produce and deliver our client services,” added Bernd Leukert, Chief Technology, Data and Innovation Officer and Member of the Management Board. “By bringing together the best of both cultures, we look forward to creating new business models leveraging artificial intelligence, data analytics, and more, with an established technology and innovation leader.”

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