Deutsche Bank error hands client $6 billion

AFP/The Local
AFP/The Local - [email protected] • 20 Oct, 2015 Updated Tue 20 Oct 2015 10:17 CEST
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One Deutsche Bank customer got quite the surprise when they found $6 billion had appeared in their bank account. The error is the latest in a long line of bad headlines for Germany's largest bank.

The bank accidentally sent $6 billion to the client in June after a junior member of the investment bank's foreign exchange sales team entered the wrong numbers, Bloomberg News reported on Monday.

According to the financial news site, this is known as a "fat finger" error.

The $6 billion was sent to a US 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 transaction was "magnitudes" higher than the intended amount, Bloomberg reports.

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 Jürgen Fitschen resigned in June over missed profit targets and missteps, and were replaced by new co-CEO John Cryan.

The 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.

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AFP/The Local 2015/10/20 10:17

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