Deutsche Bank, Google to Form Strategic Partnership
July 07 2020 - 2:02AM
Dow Jones News
By Pietro Lombardi
Deutsche Bank AG and Alphabet Inc.'s Google are launching a
strategic partnership that will provide the German bank with cloud
services and lead to the creation of new products for clients.
The parties have signed a letter of intent, while a multiyear
contract should be signed in the coming months, the German bank
said Tuesday.
The agreement will help Deutsche speed up its cloud transition
and improve its capabilities related to data science, artificial
intelligence and machine learning, it said.
The collaboration will play a key role in the bank's strategic
overhaul, Deutsche Chief Executive Christian Sewing said.
"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."
Write to Pietro Lombardi at pietro.lombardi@dowjones.com;
@pietrolombard10
(END) Dow Jones Newswires
July 07, 2020 01:47 ET (05:47 GMT)
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