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Deutsche Bank announced Tuesday a multi-year strategic partnership with Google, Reuters reported.

Partnerships include providing Deutsche Bank access to cloud services and fostering technology-based financial product innovation for customers.

Earlier, Deutsche Bank invited tech giants Google, Microsoft, and Amazon to overhaul outdated and fragmented technological networks of the bank.

This transaction fits into Deutsche Bank's planned large investment program worth € 20 billion for 2022 as it is being restructured to recover from annual losses.

Google and Deutsche Bank have signed an intent letter and plan to sign a multi-year deal in a few months.

A source close to the situation told Reuters that Deutsche Bank expects to receive more than € 1 billion in accumulated earnings before income and tax (EBIT) over the next ten years.

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