The FT reports that Deutsche Bank is planning to outsource its procurement operations worldwide under a EUR700 million cost-cutting drive.
The daily newspaper says that Deutsche will announce an outsourcing partner for the US and UK later this month. The FT names Accenture, EDS and IBM as likely candidates for the job.
Detusche Bank currently spends an annual EUR7 billion on goods and services, and analysts expect the bank to incur savings of at least ten per cent of that total spend.
Deutsche Bank handed IBM a ten-year, £1.6bn IT outsourcing contract late last year and has confirmed plans to explore the potential of outsourcing to drive down costs in other parts of its business.