Deutsche Bank accidentally sent client $6 billion — report
Police officers build barricades in front of the European Central Bank, ECB, in Frankfurt, central Germany, on May 30, 2013. AP
LONDON, United Kingdom — Germany’s biggest lender Deutsche Bank accidentally sent $6 billion to a client after entering the wrong numbers, Bloomberg News reported on Monday.
A junior member of the investment bank’s foreign exchange sales team made the error in June, Bloomberg reported, citing a person briefed on the situation.
The $6 billion was sent to a U.S. hedge fund client and recovered one day later, and occurred after the employee used a “gross figure, rather than a net figure”, according to the report.
The incident follows a series of scandals at the Frankfurt-based bank, which launched a major business and management shake-up this weekend.
Its two co-chief executives Anshu Jain and Juergen Fitschen resigned in June over missed profit targets and missteps, and were replaced by new co-CEO John Cryan.
Article continues after this advertisementThe bank is mired in roughly 6,000 legal cases and received a record $2.5 billion fine in May for its role in rigging interest rates.
