- Title: Deutsche Bank and Google agree multi-year, strategic partnership
- Date: 7th July 2020
- Summary: FRANKFURT, GERMANY (FILE - MARCH 19, 2020) (REUTERS) VARIOUS EXTERIORS OF DEUTSCHE BANK HEADQUARTERS IN FRANKFURT
- Embargoed: 21st July 2020 12:59
- Keywords: Deutsche Bank Deutsche Bank shares Sewing stock exchange
- Location: FRANKFURT, GERMANY / MOUNTAINVIEW, CALIF. & NEW YORK, NY, USA
- City: FRANKFURT, GERMANY / MOUNTAINVIEW, CALIF. & NEW YORK, NY, USA
- Country: Germany
- Topics: Economic Events
- Reuters ID: LVA001CLT7NNX
- Aspect Ratio: 16:9
- Story Text:Deutsche Bank said on Tuesday (July 7) 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Earlier this year, Deutsche invited bids from Google, Microsoft and Amazon to overhaul the bank's outdated and fragmented technology networks.
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 told Reuters that Deutsche Bank expects the partnership to generate more than 1 billion euros ($1.13 billion) in accumulated earnings before income and tax (EBIT) over the next ten years.
(Production: Andreas Buerger, Michele Sani)
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