Alphabet Inc. Google [NASDAQ: GOOGL] and Deutsche bank AG [NYSE: DB], a multinational investment bank both agreed to start a strategic partnership. The main aim of this partnership is to transform the banking services and redefine the concept of banking and provides financial services in different ways.
The strategic partnership between Deutsche Bank and Google cloud is unique in a way that it will not only provide the advanced cloud services to Deutsche Bank but also committed to providing the technology-based financial services to clients.
Both the companies first signed the letter of intent and planned to sign a multiyear contract with-in a few coming months. After launching a strategic partnership with Google, Deutsche Bank will transform its IT architecture and thus generate value for its clients.
Shares of Alphabet Inc. showed a percentage of 2.02% and recorded a change of +29.72 during the last trading session on Monday. Its closing price is $1499.65. GOOGL had a trading volume of 2.22 million as compared to the average volume of 2.08 million.
Its stocks have fluctuated between a low of $1008.87 and a peak of $1530.74. This company has a return on investment, equity, and assets of $14.10%, 17.40%, and 12.90%.
On the other hand, Deutsche Bank AG soared 4.41% at $9.95 during the last trading session on Monday. DB has a day low and day high range of $9.88-$10.07, respectively. It has reported an Operating Margin of 52.30%, and a Profit Margin of -24.30%.
After the strategic partnership, Deutsche Bank will be able to gain direct access to world-class data science, artificial intelligence, and machine learning to better serve customers. CEO of Google Alphabet Inc. said that Deutsche has been an industry pioneer and has a strong position in the financial services sector.
Bernd Leukert, chief technology, Data and innovation officer of Deutsche Bank AG said: “The cooperation wiith google cloud will transform the way we produce and deliver our client services.”