Deutsche Bank has chosen Oracle to simplify its IT systems.
In Brief:
Former CEO John Cryan publicly called the bank’s computer systems “lousy”.
Oracle has been tasked with enabling the German bank to cut costs.
It should be a three to five year project, aiming to save almost €3bn in annual costs.
What does this mean?
CTO Bernd Leukert said the bank aims to reduce the complexity of its technology estate. Oracle will work to transfer some of the bank’s core platforms to one system. Meanwhile, the bank expects to employ 2-3000 new technology, data and innovation staff, with a stark increase in software engineers.
