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July 7, 2020, 2:04 a.m. EDT

Deutsche Bank, Google launch strategic partnership

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By Pietro Lombardi

Deutsche Bank AG and Alphabet Inc.'s Google are launching a strategic partnership that will provide the German bank with cloud services and lead to the creation of new products for clients.

The parties have signed a letter of intent, while a multiyear contract should be signed in the coming months, the German bank said Tuesday.

The agreement will help Deutsche speed up its cloud transition and improve its capabilities related to data science, artificial intelligence and machine learning, it said.

The collaboration will play a key role in the bank's strategic overhaul, Deutsche Chief Executive Christian Sewing said.

"It demonstrates our determination to invest in our technology as our future is strongly linked to successful digitization. It is as much a revenue story as it is about costs."

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