Deutsche Bank has signed a "ten-year, multibillion dollar" contract with HP to modernise the bank's global IT infrastructure.
The bank is keeping IT architecture, application development, and information security in its own hands.
Under the terms of the agreement, HP will run the bank's IT infrastructure, including storage, platforms, and hosting.
The bank said it will upgrade IT applications and at the same time reduce their number and move them on to the HP platform and "enhance its own processes for providing technology support to its operations".
A financial services source close to the bank said that its main priorities were to sort out the banking infrastructure so that it can, "be fully prepared for the next stage in banking". The bank is looking to have a new, modern, world class banking infrastructure in place within the next five years, the source said.
"Everybody knows that while the old lessons are still important, banking is changing at a very fast rate and the bank knows that the only way to execute on that is to have the right infrastructure in place."
Deutsche Bank COO Henry Ritchotte said the deal will allow the bank to create a "standardised, world-class IT infrastructure," while lowering costs.
Commenting on the deal, HP CEO Meg Whitman said: "Through this partnership, Deutsche Bank will meet its long-term business objectives through a transformation of its IT infrastructure, including a customised HP Helion solution that will enable them to focus on creating and delivering new services for their clients."