The job was still underway in April, when Deutsche Bank said it would sell the unit.
Bloomberg News reports that’s just a taste of what Kim Hammonds, a mechanical engineer with two years of banking experience, may face as she heads an unprecedented effort to redesign and rebuild information technology systems across Deutsche Bank.
Co-CEO John Cryan is relying on the former Boeing executive to lead the project, a risky and monumental job at a lender with $1.85tril in assets and more than 100,000 employees.
Mergers and decades of expansion left global banks like Deutsche Bank with what experts call 'spaghetti balls' of overlapping and often incompatible platforms and programs. Cryan, who described his digital infrastructure as 'antiquated' and 'incoherent', aims to reboot with the latest technology across the firm, from securities trading to asset management and consumer banking. The company declined to provide an estimate of the cost.
To access the complete Bloomberg News article hit the link below: