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Tata Consultancy Services: Deutsche Bank sells IT division Postbank Systems

The long-standing service partner Tata Consultancy Services (TCS) is taking over all 1,500 employees from the Deutsche Bank subsidiary Postbank.

Postbank branch
(Picture: Postbank)

Deutsche Bank sells its IT division Postbank Systems to Tata Consultancy Services (TCS). The company announced this on November 9, 2020. Tata Consultancy Services (TCS) is an Indian provider of IT and outsourcing services and has been a partner of Deutsche Bank for years.

With this move, 1,500 employees are switching to Tata, and Deutsche Bank plans to cut a total of around 18,000 jobs. According to Deutsche Bank, the sale of the division will cost them around 120 million euros.

According to Deutsche Bank, the two companies intend to complete the sale of Postbank Systems by the end of the year.

The price for Postbank Systems is a symbolic euro, the bank will continue to pay Tata for Postbank Systems’ services.

Tata Consultancy has more than 450,000 employees worldwide and generates annual revenues of $22 billion. In 2008, the company paid $505 million to acquire Citigroup’s back office unit. “We look forward to deepening our long-standing partnership with Deutsche Bank, further accelerating its digital transformation and acquiring market-specific banking capabilities,” said N. Ganapathy Subramaniam, Chief Operating Officer of TCS, in the statement.

Read the original article here.