The three firms, which are at the start of a three-month bidding process, embedded at Deutsche Bank’s office in Frankfurt last week, according to multiple sources. (Reuters)
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The three firms, which are at the start of a three-month bidding process, embedded at Deutsche Bank’s office in Frankfurt last week, according to multiple sources. (Reuters)
Talking point: The bids are part of a $19-billion technology investment the bank is making as part of a restructuring after a steady stream of losses. Last year, the bank announced it was laying off around 20 per cent of staff, or about 18,000 people. The tech firms are being tasked with improving internal efficiency processes. Another idea under consideration is a corporate credit marketplace. Deutsche is leaning on tech giants as a growing number of fintechs are looking to take away its traditional business. Also today, U.S. fintech Varo Money said it had cleared a key regulatory hurdle as part of its application to become a full bank.
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