Deutsche Bank AG will set up a new technology division to revamp its legacy IT infrastructure, to reduce costs and the complexity of its systems, Reuters reported, citing an internal note sent to employees.
The new division will be led by management board member Bernd Leukert, who will oversee various technology-related functions such as cybersecurity, data and innovation. The German lender's own executives have, in the past, been among those who have criticized its legacy IT systems, Reuters noted.
Deutsche Bank also set up a board-level committee focused on technology, data and innovation in May and intends to invest €13 billion in technology by 2022. The lender told its employees in the note that it would continue to invest in legacy infrastructure because moving its systems to the cloud will not occur immediately, the report said.
The bank said it wants to strengthen engineering expertise in the bank by increasing the share of expert internal technology staff, the Reuters report said.
