Deutsche Bank slip-up sent client $6 billion

  • 20/10/2015

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

A junior member of the investment bank's foreign exchange sales team made the error in June, Bloomberg reported on Monday (local time), citing a person briefed on the situation.

The US$6 billion was sent to a US hedge fund client and recovered a 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.

The bank is mired in roughly 6000 legal cases and received a record US$2.5 billion fine in May for its role in rigging interest rates.