Deutsche Bank has revealed plans to establish its next Technology Centre in the German capital city of Berlin, which the bank describes as the hub for AI and machine learning expertise.
The bank has named Gerrit Einhoff, CIO of its Corporate Bank and Investment Bank in Germany, to lead the new technology hub.
The centre will primarily support the ambitions of Deutsche’s investment and corporate banking divisions through application development and the integration of new technologies, it said in a statement.
Deutsche currently has technology centres in the US, Europe and Asia, that deliver application development and support its businesses and infrastructure functions.
According to the bank, Berlin represents a key opportunity for it to generate significant value for its clients and further streamline its operations.
Deutsche chief technology, data and innovation officer Bernd Leukert commented: “Our Technology Centres play a key role in our technology transformation in close partnership with our businesses.
“Growing our presence in Berlin will attract talent, add high quality developers to our platform, and build up critical AI expertise to help redefine banking and contribute to our sustainable growth goals.”
Meanwhile, Deutsche moved most of Russian staff to the Berlin hub as part of winding down its Moscow operations in response to the Ukraine crisis, reported Reuters citing people privy to the development.
The bank had 1,500 employees at its Russian Technology Centre, it previously disclosed in a statement.
Deutsche previously reported ‘limited and substantially mitigated’ risk exposures to both Russia and Ukraine.
As of 31 December 2021, the bank’s net loan exposure to Russia stood at €0.6bn after taking account of guarantees and asset collateral. Its net loan exposure to Ukraine was €42m at the end of December.