German based investment bank and financial service provider Deutsche Bank AG (ETR: DBK) says that it has tapped into the software of U.S based computer technology company Oracle Corp. (ORCL) in its information technology systems.
This was revealed by a board member of the bank who said this move will help the bank simplify its information technology systems and reduce costs.
The chief executive of Deutsche bank, John Cryan, says the bank has spent years modernizing its information and technology systems a process which has repeatedly caused headaches to the company.
At some point the CEO publicly termed the process as ‘lousy’ describing how draining and tedious the process was.
This migration is expected to take at least three to five years to be completed. Once actualized it will help the bank lower its annual costs to 16.7 billion euros in 2022 up from the 19.5 billion euros it posted as annual costs in last year.
Deutsche Bank chief technology officer, Bernd Leukert, says the bank is planning to add an extra 2,000 to 3,000 job vacancies in technology, data and innovation come 2021.
“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,” added the CTO.