FRANKFURT--Deutsche Bank AG Tuesday said it has mandated
Hewlett-Packard (HPQ) to help modernise its information technology
systems in a ten-year, multi-billion dollar agreement which is
expected to significantly cut costs.
"This agreement enables Deutsche Bank to secure
standardised...IT infrastructure while lowering costs. Having a
more modern and agile technology platform will...lay the foundation
for the next phase of its digital strategy," Deutsche Bank's Chief
Operating Officer Henry Ritchotte said in a statement.
The contract mainly covers wholesale banking IT infrastructure,
and HP will provide dedicated data centre services on demand
including storage, platform and hosting according to the bank.
Deutsche Bank has for a long-time used a plethora of IT systems
instead of investing into streamlining and optimizing them,
executives have said privately.
The giant German lender is in the midst of a strategy review to
improve profitability and its share price. Both have been lagging
international rivals for more than a year.
"Deutsche Bank is taking a proactive approach to modernising its
IT infrastructure.. Through this partnership, Deutsche Bank will
meet its long-term business objectives through a transformation of
its IT infrastructure," Meg Whitman, chairman, president and chief
executive of Hewlett-Packard, said.
Write to Eyk Henning at Eyk.Henning@wsj.com
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