Deutsche Bank taps Oracle to simplify its IT, cut costs

submited by

Style Pass

2021-06-30 08:30:02

The Oracle logo is shown on an office building in Irvine, California, U.S. June 28, 2018. REUTERS/Mike Blake/File Photo

FRANKFURT, June 24 (Reuters) - Deutsche Bank (DBKGn.DE) has tapped software firm Oracle (ORCL.N) 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 (SAPG.DE) in 2019 and has since been reorganising the bank's IT systems.