World Economy

Multibillion Dollar IT Deal

Multibillion Dollar IT DealMultibillion Dollar IT Deal

Deutsche Bank and Hewlett-Packard (HP) have announced a ten-year, multibillion dollar agreement that will further modernize the Bank’s global information technology environment and aims to significantly reduce related IT infrastructure costs.

Under the terms of the agreement, which mainly covers wholesale banking IT infrastructure, HP will provide dedicated data center services on demand including storage, platform and hosting, Reuters reported.

Deutsche Bank will retain activities such as IT architecture, application development and information security.

As part of a wider IT transformation program, Deutsche Bank will upgrade and reduce the number of its IT applications, move them on to the HP platform and enhance its own processes for providing technology support to its operations.

Henry Ritchotte, Chief Operating Officer of Deutsche Bank, said: “This agreement enables Deutsche Bank to secure standardized, world-class IT infrastructure while lowering costs. Having a more modern and agile technology platform will further improve the Bank’s ability to launch new products and services and lay the foundation for the next phase of its digital strategy.”

Meg Whitman, Chairman, President and CEO, Hewlett-Packard, said: “Deutsche Bank is taking a proactive approach to modernizing its IT infrastructure and has chosen to partner with HP in order to do that. Through this partnership, Deutsche Bank will meet its long-term business objectives through a transformation of its IT infrastructure, including a customized HP Helion solution that will enable them to focus on creating and delivering new services for their clients.”