Politics Deutsche Bank is now working with Google to solve IT problems - and to stand up to fintechs
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With Google Home or Nest in your house, you've got an always-on voice assistant that regularly records audio and almost always sends it to Google. Are you OK with that?Google Home devices have a physical mute switch, but it shuts off the microphone completely. To use voice commands with your device but still control how much voice data Google Assistant holds onto, you'll need to change a few settings.
Deutsche Bank wants to solve its IT problems with the help of Google, among other things. The two companies want to jointly develop and offer financial services, Deutsche Bank announced on Tuesday in an. On the one hand, the financial institution gets access to the cloud services of the Alphabet subsidiary.
On the other hand, the two companies want to develop the next generation of technology-based financial products. "Both parties have signed a letter of intent and plan to sign a multi-year contract over the next few months," it says, and that the partnership is "unique."
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The NHL has released a statement reporting that 15 players tested positive for COVID-19 after reporting to training camp. More than 1,450 total tests were administered to the 250+ players in camp. These tests have all been administered following the start of Phase 2 of the return to play initiative, which began on June 8. © Aaron Doster-USA TODAY Sports The NHL is going to have to determine how many positive tests for coronavirus would be considered an outbreak, as 15 players tested positive after reporting to training camp. What’s more, 11 additional players have tested positive for coronavirus outside of NHL training camps.
Like many other German financial institutions, Deutsche Bank is constantly struggling with technical problems. At the largest German bank, IT has been a major construction site for a long time. For example, the former CEO John Cryan had publicly described the bank's IT as "lousy" shortly after taking office in 2015. Ex-IT boss Kim Hammond, who was supposed to solve the problems, had to leave office after a short time in early 2018. At an internal meeting, she had previously described the bank as the "most dysfunctional company" she had ever worked for. In May of last year, such an IT glitch had led to a slump in shares shortly before the annual general meeting,IT from Deutsche Bank works with many different systems .
The biggest problem with Deutsche Bank IT is still the many different systems. In 2012, the largest German listed bank commissioned SAP to harmonize the platforms. However, the major project known as Magellan failed. In addition to the renovation of the existing, in some cases very old, IT structures, the banks have for some time been struggling with a lot of competition from technology companies that, like Apple and Google, are using their market power to attract parts of payment transactions, for example.
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In addition, a number of young companies, so-called fintechs, are affecting the established banks in product development and also in the competition for customers. The banks are currently countering this step, among other things, with participations and cooperations, but often with manageable success. Former SAP manager Bernd Leukert, who is now responsible for technology, data and innovation at Deutsche Bank, sees the collaboration with Google as an important step for the bank's technology strategy. CEO Christian Sewing hopes that the partnership will give the bank a major boost.
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Bank maintained accounts for Jeffrey Epstein despite 'red flags': Regulators .
New York's Department of Financial Services announced that Deutsche Bank agreed to pay $150 million over relationship with Jeffrey Epstein.In a report detailing the conclusions of an investigation into the bank’s handling of Epstein’s accounts from his onboarding in 2013 until his departure in 2018, regulators said Deutsche Bank processed hundreds of transactions totaling millions of dollars that should have raised particular concern in light of Epstein’s well-publicized history of criminal sexual misconduct -- details that could prompt further investigation into allegations Epstein ran a sex trafficking operation.