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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).

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