Deutsche Bank's “dysfunctional” IT division (2018)
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Deutsche Bank's “dysfunctional” IT division (2018)
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Re: Deutsche Bank's “dysfunctional” IT division (2018)
#2This is 5 year old scuttlebutt and even what's publicly known about DB's systems has superseded most of the details here.
Re: Deutsche Bank's “dysfunctional” IT division (2018)
#3Deutsche Bank has made 5 acquisitions
Norisbank
1954, Bonn
Carron Energy 2004, Cardiff
Better Payment 2014, Berlin
United Financial Group 1981, Garden City
Quantiguous 2014, Mumbai
Given all of these needing to integrate together to some degree, and the bureaucracy of banks in general, add that to their resistence to change / improve something related to the tech if it still works, none of this surprises me.
You see these kind of problems in all conglomerates which have to absorb other companies into their ecosystem.
Edit :
Slightly unrelated but I have just seen that she has passed away last year from cancer.
https://www.fnlondon.com/articles/former-deutsche-bank-chief...
Edit 2 : my mistake of details
Re: Deutsche Bank's “dysfunctional” IT division (2018)
#4Note the article is from 2018.
Re: Deutsche Bank's “dysfunctional” IT division (2018)
#5Deutsche Bank looks like a gigantic organisation rampant with misaligned incentives and barely any oversight. Looking at their list of controversies (https://en.m.wikipedia.org/wiki/Deutsche_Bank#Controversies), it is absolutely unsurprising that their IT infrastructure is a disorganised and mismanaged mess. It looks like it's beyond saving, with its depressing history over the last decade and a half.
Re: Deutsche Bank's “dysfunctional” IT division (2018)
#6I very briefly worked in a similar organization a decade ago, and it checks out with how I remember things.
Though in that case half the mess were from mergers leaving the bank with multiple instances of similar yet incompatible IT systems. Another source was the wave of regulation and reporting requirements crashing onto finance after the subprime crisis.
Re: Deutsche Bank's “dysfunctional” IT division (2018)
#7Deutsche Bank has made 5 acquisitions Norisbank 1954, Bonn Carron Energy 2004, Cardiff Better Payment 2014, Berlin United Financial Group 1981, Garden City Quantiguous 2014, Mumbai Given all of these needing to integrate together to some degree, and the bureaucracy of banks in general, add that to their resistence to change / improve something related to the tech if it still works, none of this surprises me. You see…
My current consulting gig is at a government "superdepartment" that was formed by mashing together a few dozen small agencies that were previously already combined into large agencies.
Their IT was as diverse as it gets, and then they were told to move into one building and "make it work".
It's as messy and as broken as you imagine it is.
Re: Deutsche Bank's “dysfunctional” IT division (2018)
#8They acquired Postbank (where I have an account) some years ago. Postbank had a reputation for good IT. Now they are consolidating their online banking system... Of course, on the bad system of Deutsche Bank. It's a huge mess. I need to log into two different systems for credit card and bank account things. They mailed me account statements for the timeframe of one day once and for a few days another time. I never get printed statements otherwise. The switchover is also months behind schedule.
So, Deutsche Bank is still crap at IT.
Re: Deutsche Bank's “dysfunctional” IT division (2018)
#9Deutsche Bank has made 5 acquisitions Norisbank 1954, Bonn Carron Energy 2004, Cardiff Better Payment 2014, Berlin United Financial Group 1981, Garden City Quantiguous 2014, Mumbai Given all of these needing to integrate together to some degree, and the bureaucracy of banks in general, add that to their resistence to change / improve something related to the tech if it still works, none of this surprises me. You see…
> I have just seen that she has passed away last year at 35 years old from cancer.
You’ve misread the article, she was diagnosed with cancer on 2003 aged 35, and died this year aged 55.
Re: Deutsche Bank's “dysfunctional” IT division (2018)
#10> Now that Cryan's gone, however, it's becoming apparent that his authority over some senior managers at Deutsche Bank was weak. He and Hammonds' ability to challenge Deutsche's most powerful tribal leaders appears to have been correspondingly limited. "It's going to be a far more uphill task to cut systems in future," says one senior insider. "The people who control these systems don't want them cut. It's all about politics."
> "Hammonds was innovative, but she couldn't do what she set out to do," says one DB insider. "So we're just sitting here, waiting to see what happens next."
Yikes! Sounds like an impossible uphill task.
Is there any examples of such turnarounds in the recent years?