Deutsche Bank taps Oracle to simplify its IT, cut costs

A Deutsche Bank board member said that the Bank has tapped software firm Oracle to simplify its information technology systems, enabling Germany’s top lender to cut costs.

For modernizing its computer systems, the Deutsche bank has spent many years. Former Chief Executive John Cryan had publicly called it lousy, because of the troubles called by this. The migration is expected to take three to five years. This should help lower Deutsche Bank’s total annual costs to 16.7 billion euros by 2022. Deutsche Bank Chief Technology Officer Bernd Leukert, said that in 2021, the bank has planned to add 2,000 to 3,000 jobs in technology, data and innovation. He is playing a major role in organizing the bank since he joined here.

He even stated in a recent event that half of the unit’s staff would be software engineers. Oracle is planning to transfer platforms of some of Deutsche Bank’s core functions such as payments, trading and risk management to one system. Leukert told that they wanted to reduce the complexity of their technology estate. The goal is to run the bank with around one third of the applications that they have today.

Deutsche gave no comments on its investments in the IT upgrades. Deutsche already uses technology from Google and will continue to work with SAP technology. A private cloud for Deutsche Bank is being set up by the Oracle. This is for modernizing the bank’s technology. Oracle manager Juan Loaiza said that they have created clouds for others also, but Deutsche’s would be their largest to date.

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