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    DBK   DE0005140008

DEUTSCHE BANK AG

(DBK)
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Real-time Estimate Quote. Real-time Estimate Tradegate - 10/27 06:32:23 am
11.263 EUR   -5.37%
06:24aDEUTSCHE BANK AG : Gets a Neutral rating from JP Morgan
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06:13aDEUTSCHE BANK AG : Morgan Stanley sticks Neutral
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Deutsche Bank taps Oracle to simplify its IT, cut costs

06/24/2021 | 05:04am EDT
FILE PHOTO: The Oracle logo is shown on an office building in Irvine, California

FRANKFURT, June 24 (Reuters) - Deutsche Bank has tapped software firm Oracle 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.

In 2021, the bank plans to add 2,000 to 3,000 jobs in technology, data and innovation, said Deutsche Bank Chief Technology Officer Bernd Leukert, who joined from SAP in 2019 and has since been reorganising the bank's IT systems.

By the end of next year, half of the unit's staff would be software engineers, up from 30% at the end of 2020, he said at an event this week.

Oracle is planning to transfer platforms of some of Deutsche Bank's core functions such as payments, trading and risk management to one system, promising smooth operation and regular updates, the two groups said on Thursday.

"We want to reduce the complexity of our technology estate. The goal is to run the bank with around one third of the applications we have today," Leukert told Reuters.

Deutsche declined to comment on how much it was investing in the IT upgrades.

For less critical applications, Deutsche already uses technology from Google and will continue to work with SAP technology.

Oracle is setting up a private cloud for Deutsche Bank, modernising the bank's technology that must stay on premises for regulatory reasons. Oracle has created clouds for others but Deutsche's would be its largest to date, Oracle manager Juan Loaiza said.

($1 = 0.8386 euros) (Writing by Arno Schuetze; editing by Jason Neely)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 1.35% 2786.17 Delayed Quote.58.97%
DEUTSCHE BANK AG -5.23% 11.256 Delayed Quote.33.00%
MAN GROUP PLC -1.03% 240 Delayed Quote.75.72%
SAP SE -1.06% 124.8 Delayed Quote.17.59%
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Financials
Sales 2021 24 767 M 28 702 M 28 702 M
Net income 2021 1 766 M 2 047 M 2 047 M
Net cash 2021 53 490 M 61 989 M 61 989 M
P/E ratio 2021 14,9x
Yield 2021 1,90%
Capitalization 24 555 M 28 469 M 28 456 M
EV / Sales 2021 -1,17x
EV / Sales 2022 -1,48x
Nbr of Employees 83 797
Free-Float 92,8%
Chart DEUTSCHE BANK AG
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Deutsche Bank AG Technical Analysis Chart | DBK | DE0005140008 | MarketScreener
Technical analysis trends DEUTSCHE BANK AG
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TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 20
Last Close Price 11,90 €
Average target price 11,56 €
Spread / Average Target -2,87%
EPS Revisions
Managers and Directors
Christian Sewing Chief Executive Officer
Karl von Rohr President
James von Moltke Chief Financial Officer
Paul Achleitner Chairman-Supervisory Board
Bernd Leukert Chief Technology, Data & Innovation Officer
Sector and Competitors