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Wednesday, May 18, 2022

Alphabet Inc. [NASDAQ: GOOGL] And Deutsche Bank [NYSE: DB] To Join Forces To Transform Banking

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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.

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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.”

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