Cryan’s Shakeup at Deutsche Bank Sees Tech Restart
- Ex-Boeing executive Kim Hammonds leading IT overhaul
- Co-CEO bewails costs of cumbersome, `incoherent' systems
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When Deutsche Bank AG shelled out more than 6 billion euros ($6.5 billion) to buy Deutsche Postbank AG in 2010, it wound up spending another 1 billion euros to mesh and upgrade their computer systems. The job was still underway in April, when Deutsche Bank said it would sell the unit.
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-Chief Executive Officer John Cryan is relying on the former Boeing Co. executive to lead the project, a risky and monumental job at a lender with 1.7 trillion euros in assets and more than 100,000 employees.