A young worker at Deutsche Bank’s Frankfurt office sent a client $6 billion by accident, according to Bloomberg News.
The worker, who was a part of the bank’s foreign-exchange sales unit, processed a sum’s gross figure rather than net figure, which was off by orders of magnitude. The bank was able to recover the funds from the client, a U.S.-based hedge fund, the following day.
The $6 billion mistake, which happened in June, came while the bank was undergoing seismic transformations. That same month, both of Deutsche Bank’s CEOs, Anshu Jain and Jürgen Fitschen, resigned after a string of mistakes and regulatory fines. In April, the bank paid $2.5 billion in fines for rigging benchmark interest rates; in May, it was fined another $55 million by the U.S. Securities and Exchange Commission for hiding losses during the financial crisis.
Shareholders were further disgruntled by the bank’s trend of performing below expectations, The Wall Street Journal reported. Many bemoaned the former CEOs’ lack of strategy before their resignation.
