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Deutsche Bank accidentally sent client US$6 billion: report

Tuesday, October 20, 2015 - 06:21

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Germany's biggest lender Deutsche Bank accidentally sent US$6 billion to a client after entering the wrong numbers, Bloomberg News reported on Monday.

[LONDON] Germany's biggest lender Deutsche Bank accidentally sent US$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 US$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 incident follows a series of scandals at the Frankfurt-based bank, which launched a major business and management shake-up this weekend.

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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.

The bank is mired in roughly 6,000 legal cases and received a record US$2.5 billion fine in May for its role in rigging interest rates.

AFP

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