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Deutsche Bank's new pitch to millennial technologists

Are you a technologist? Would you like to work for Deutsche Bank? The German bank has got a whole new proposition for you and it's about more than just consolidating systems and bringing tech jobs in-house.

For those who haven't encountered it already, Deutsche has a new thing called "Fabric" which shares its name with one of London's largest nightclubs. Deutsche CEO John Cryan discussed it in the bank's first quarter call and he mentioned it again in his recent exciting interview with German newspaper Zeit. It's worth flagging because Cryan - at least - seems to think Fabric is a big thing as the bank invests an additional €2bn in new technologies to change the way DB works.

Fabric is, "a new platform which, “allows developers to deploy applications in minutes rather than months,” said Cryan during Deutsche's investor call.  Fabric is, "based on a software-defined network running a cloud which is written in standard languages that any young millennial would understand," he elaborated in the Zeit interview.

These new languages are C++, Python and HTML5, said Cryan. Using Fabric, he said Deutsche has established a new application programming interface which allows third parties to access Deutsche's data and to co-create applications that are relevant to the bank's clients. "It's exactly the same as Apple," he told Zeit, "Apple produced iOS and now you have apps all over the world that conform to Apple standards."

The implication is, that using Fabric, Deutsche intends to become a sort of banking app store which millennial technologists can contribute to. For more on Fabric, see the presentation below from Deutsche CTO Pat Healy last May.

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AUTHORSarah Butcher Global Editor

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