Deutsche Bank and Google Cloud plan Multi-Year Partnership

Deutsche Bank and Google Cloud signed a letter of Intent and plan on signing a multi-year strategic partnership.

The partnership will allow Deutsche Bank with its cloud transition and build further on the engineering capabilities that both companies offer. It will further pave the way for the next generation of technology-based financial products for Deutsche Bank's clients.

Executive Opinion

CEO of Google and Alphabet, Sundar Pichai, said, "For more than 150 years, Deutsche Bank has been an industry pioneer, with a strong record of innovation in the financial services sector. 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."

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

Deutsche Bank and Google Cloud partnership

Google Cloud, Deutsche Bank along with Google Cloud intends to transform its IT architecture in a phased manner.

The bank will further able to leverage data science, artificial intelligence, and machine learning technologies. Deutsche Bank intends to deliver new business models leveraging artificial intelligence, data analytics technology stack from Google cloud, notes the announcement.