Deutsche Bank, on 7th July 2020 it has agreed a strategic, multi-year partnership with Google to give the German lender access to cloud services and drive innovation in technology-based financial products for clients.

A source familiar with the matter told Reuters that Deutsche Bank expects the partnership to generate more than 1 billion euros ($1.13 billion) in accumulated earnings before income and tax (EBIT) over the next ten years.

Both parties have signed a letter of intent and plan to sign a multi-year contract within the next few months.

The partnership with Google Cloud will be an important driver of our strategic transformation.

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.