We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Deutsche Bank (DB) Teams With Oracle to Overhaul IT System
Read MoreHide Full Article
Deutsche Bank (DB - Free Report) has collaborated with Oracle (ORCL - Free Report) to revamp and simplify its information technology systems. These efforts are aimed at cost reductions.
Particularly, per the agreement, Deutsche Bank will upgrade its existing database systems and migrate the bulk of its Oracle Database estate to Oracle’s on-premise deployment option. Oracle will transfer certain platforms of the German lender’s core functions such as payments, trading and risk management to one dedicated system, while enabling it to comply with data residency requirements and significantly trim operational costs.
In fact, Oracle will set up a private cloud for Deutsche Bank and will facilitate the modernization of the bank's technology, which is required to stay on premises for regulatory reasons. Moreover, the migration is expected to be completed in three to five years and is likely to reduce Deutsche Bank's total annual costs to $19.9 billion by 2022 from 19.5 billion incurred in 2020.
Management noted "we want to reduce the complexity of our technology estate. The goal is to run the bank with around one third of the applications we have today."
Also, the overhaul comes right in time when the company is mulling over increasing its technology team with additional hirings. In fact, in the ongoing year, the bank plans to hire 2,000 to 3,000 people to expand its technology, data and innovation operations. With this, by the end of 2022, 50% of the unit's staff would consist of software engineers, indicating an increase of 30% from 2020 end.
Markedly, in times like now, when new technology adoption and innovations have become the need of the hour in an ever-changing regulatory environment; financial services behemoths are quickly adopting these changes. Such efforts will enable the likes of Deutsche Bank to meet data security and locality needs.
Shares of this Zacks Rank #3 (Hold) company have gained 7.3% over the past three months, outperforming growth of 6.8% of the industry it belongs to.
Bank Of Montreal (BMO - Free Report) has witnessed 9.1% upward earnings estimate revisions for fiscal 2021 over the past 30 days to $9.71. Also, it has a Zacks Rank #2 at present.
Infrastructure Stock Boom to Sweep America
A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.
The only question is “Will you get into the right stocks early when their growth potential is greatest?”
Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.
Image: Bigstock
Deutsche Bank (DB) Teams With Oracle to Overhaul IT System
Deutsche Bank (DB - Free Report) has collaborated with Oracle (ORCL - Free Report) to revamp and simplify its information technology systems. These efforts are aimed at cost reductions.
Particularly, per the agreement, Deutsche Bank will upgrade its existing database systems and migrate the bulk of its Oracle Database estate to Oracle’s on-premise deployment option. Oracle will transfer certain platforms of the German lender’s core functions such as payments, trading and risk management to one dedicated system, while enabling it to comply with data residency requirements and significantly trim operational costs.
In fact, Oracle will set up a private cloud for Deutsche Bank and will facilitate the modernization of the bank's technology, which is required to stay on premises for regulatory reasons. Moreover, the migration is expected to be completed in three to five years and is likely to reduce Deutsche Bank's total annual costs to $19.9 billion by 2022 from 19.5 billion incurred in 2020.
Management noted "we want to reduce the complexity of our technology estate. The goal is to run the bank with around one third of the applications we have today."
Also, the overhaul comes right in time when the company is mulling over increasing its technology team with additional hirings. In fact, in the ongoing year, the bank plans to hire 2,000 to 3,000 people to expand its technology, data and innovation operations. With this, by the end of 2022, 50% of the unit's staff would consist of software engineers, indicating an increase of 30% from 2020 end.
Markedly, in times like now, when new technology adoption and innovations have become the need of the hour in an ever-changing regulatory environment; financial services behemoths are quickly adopting these changes. Such efforts will enable the likes of Deutsche Bank to meet data security and locality needs.
Shares of this Zacks Rank #3 (Hold) company have gained 7.3% over the past three months, outperforming growth of 6.8% of the industry it belongs to.
Stocks to Consider
Royal Bank Of Canada (RY - Free Report) has witnessed 9.8% upward earnings estimate revisions for fiscal 2021 over the past seven days to $8.95. Also, it carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Bank Of Montreal (BMO - Free Report) has witnessed 9.1% upward earnings estimate revisions for fiscal 2021 over the past 30 days to $9.71. Also, it has a Zacks Rank #2 at present.
Infrastructure Stock Boom to Sweep America
A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.
The only question is “Will you get into the right stocks early when their growth potential is greatest?”
Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.
Download FREE: How to Profit from Trillions on Spending for Infrastructure >>