DB sends $6 billion to client by mistake
Germany’s biggest lender, Deutsche Bank, mistakenly sent $6 billion to a client in the US in a rare fat-finger error of such magnitude, international media reports say.
The bank recovered the money a day later but had to report the incident to the UK's Financial Conduct Authority, European Central Bank and the US Federal Reserve.
The error happened when a junior member of the bank’s forex team processed a gross figure instead of net figure, resulting in a trade with too many zeroes.
The erroneous transaction reportedly took place in June when the team’s boss was on a holiday but it came to the media’s attention just recently.
Deutsche Bank is on the spotlight over a series of scandals and its plans for a massive business and management shake-up. The lender is embroiled in as many as 6,000 legal cases which forced it to pay a record fine of $2.5 billion in May for role in rigging interest rates.
The bank has reported a record pretax loss of 6 billion euros in the third quarter and warned of a possible dividend cut.
The error took place around the time when two co-chief executives Anshu Jain and Juergen Fitschen stepped down over missed profit targets and missteps, and were replaced by new co-CEO John Cryan.
So far, Cryan has announced a split of its corporate banking and securities unit in the most “fundamental” overhaul.
Leading financial institutions in Europe and the US are grappling with scandals for rigging foreign exchange market which the FBI says involved criminality “on a massive scale”.
Barclays, RBS, JPMorgan, Bank of America, UBS and Citigroup are accused of using a series of deceptive means to manipulate the US dollar and the euro.
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