Skip to main content

Deutsche Bank to spend €13bn on tech amid massive job cuts

A couple of years ago, John Cryan (then CEO of Deutsche Bank) said that that the bank was going to shift from employing people to act like robots to employing robots to act like people. Now they have announced 

Deutsche Bank has announced swingeing job cuts as part of a radical overhaul of its operations that will also see it spend €13bn on new technology over the next four years.

From Deutsche Bank to spend €13bn on tech amid massive job cuts.

I told a journalist who asked me about this that for Deutsche Bank to achieve real transformation, they cannot spend their way out of the legacy infrastructure trap. They must partner with the FinTech players who redefining products and services for an online age, which means “Amazonisation” (ie, a shift to API-centric production and consumption of financial services).

Comments

Post a Comment

Popular posts from this blog

Euro area card payments double in a decade

xxx "The number of card payments in the euro area have more than doubled in a decade as consumers increasingly dispense with the hassle of carrying notes and coins, according to the latest statistics from the European Central Bank. In 2018, card payments accounted for almost half of the total number of non-cash payments across the single-currency area. Credit transfers and direct debits were the second and third most common non-cash payment methods, accounting for approximately 23% each, while e-money and cheques together made up around seven percent. However, the relative popularity of each type of payment service still varies widely across euro area countries. In 2018 card payments accounted for just over 70% of all non‑cash payments in Portugal, compared with around 23% in Germany. The stats show that the number of card payments made by consumers and businesses has more than doubled in the last decade, with an average of 121 card payments per capita in 2018, compared with
Post a Comment
Read more