Bank transfers $6 billion to US investment fund by mistake

folarin okunola

October 20, 2015 6:24 PM

The money was recovered by the Bank on the day after the error, which occurred back in June, 2015

Deutsche Bank building

According to various media reports, Germany’s biggest bank, Deutsche Bank, accidentally transferred $6 billion to the account of one client.

British newspaper "Financial Times" revealed the error showing the blame falls on a junior officer with no experience who, by typing wrong numbers, simply transferred the amount to a US investment fund.

The money was recovered by the Bank on the day after the error, which occurred back in June, 2015 as the official head of the department responsible for the funds was vacationing.

However, the incident raised doubts within the German banking industry about the security of the institution.

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The bank reported the incident to the Federal Reserve Bank of the United States, the European Central Bank and a financial authority of the United Kingdom.

According to Portuguese site, Globo, two people who heard the story and are familiar with these operations, said that these errors are common, but errors of "this size are rare."

The German bank is already embroiled in several legal battles, with accusations of manipulation of currency markets, the Liber and Euribor rates and also allegations that the bank conducts business with countries that have been sanctioned by the United States, like Iran.

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