Deutsche Bank, Germany's biggest lender, accidentally sent $6bn to a client after entering the wrong numbers, according to reports. A junior member of the investment bank's foreign exchange sales team made the error in June, Bloomberg claimed. The $6bn was sent to a US hedge fund client and recovered one day later. It 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 has launched a major business and management shake-up. 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 $2.5bn fine in May for its role in rigging interest rates.
Deutsche Bank's woes continue as it is revealed that one of its junior employees in its investment banking foreign exchange sales team accidentally sent $6bn to a client in June, after entering the wrong numbers. The money was sent to a Germany hedge fund client, but recovered a day later. Questions are now being raised as to why it was not spotted under the bank's "four eyes principle", which requires every trade to be reviewed by another person before being processed. Sources suggest that mistakes such as these are surprisingly common across the banking sector - though ones this size are admittedly rare - and there are real concerns that there is simply not enough supervision or safeguards when it comes to such huge sums flowing around. This latest embarrassing story follows a series of scandals for Deutsche Bank: both its CEO's resigned in June over missed targets and missteps, and the lender is mired in over 6,000 legal cases and received a record $2.5bn fine in May for its role in rigging interest rates.