TCS to close Deutsche deal

Tata Consultancy Services may soon deploy its core banking solution at Deutsche Bank's global locations as part of a deal valued at over $100 million, sources say, according to

The Hindu Business Line.

The bank will implement TCS' Bancs (suite of software products) core system for 52 countries from hubs in Frankfurt and Singapore with specific focus on two of its west Asian operations, according to details available on ibsintelligence.com.

Both TCS and Deutsche Bank have refused to comment, but sources say the deal is one of the largest core banking installations in recent times. The engagement is part of the bank's strategy to consolidate its multiple core banking platforms in the 52 countries, they said.

JP Morgan's $1 billion IT spending spree is central to its plans to increase investment banking market share and it's adding to its army of technologists to help achieve this, with Glasgow benefiting, writes eFinancialCareers Scotland.

Across the company, JPMorgan employs some 19 000 programmers, making it nearly on a par with Google's headcount. This commitment to IT is paying dividends - in a recent research note, Morgan Stanley analysts pointed to how JPM is "taking share with investment spending in IT".

Housed in the centre of Glasgow is JPMorgan's European Technology Centre, which employs over 800 people. The bank now has over 130 technology vacancies across the UK, and is currently looking to hire development and technical staff north of the border.

E-banking has made paperless banking possible and increased the outreach of banks, it was stated during the 8th International E-banking Conference and Exhibition held in Karachi, Pakistan, reports Pakistan Observer.

State Bank deputy governor, Muhammad Kamran Shahzad, said in his address that the banking sector is now more innovative, and by using technology, banks are providing a variety of products and services to the customer.

Kamran Shahzad added that with e-banking and m-banking, financial transaction is now possible from outside branches, like super markets, petrol pumps, and a number of different points.