BANK MISTAKENLY TRANSFERS 34 BILLION DOLLARS TO CUSTOMERS ACCOUNT

Germany’s biggest lender Deutsche Bank on Friday admitted to a massive erroneous transfer of €28bn ($34 billion) in a routine operation, more than the entire bank is worth.

The unprecedented mistake happened on March 16 when Deutsche Bank carried out a transfer to an account at Deutsche Boerse’s Eurex clearing house, a spokesman told AFP.

The operation was meant to involve a far smaller sum, which the bank has not revealed, and highlights IT and control issues at the banking giant.

Accounting errors happen most days, but the sum involved in this case is highly unusual and even exceeds Deutsche’s market capitalisation of 24 billion euros.

The incident, which came shortly before John Cryan was ousted as chief executive, was quickly fixed and no harm was done, the institution said.

But it raises questions about the risk management and control processes within the bank, which Cryan was meant to have greatly improved since his arrival in 2016.

Given sole command of the lender in 2016 after the departure of co-CEO Juergen Fitschen, Cryan’s task was to restructure Deutsche and clean up the toxic legacy of its pre-financial crisis bid to compete with global investment banking giants.

But Deutsche has yet to return to profitability, while the share price has slumped more than 50 percent in the past two years — around 30 percent this year alone.

In a sign of the bank’s ongoing internal tussles, Deutsche on Wednesday announced the departure of its IT and infrastructure chief Kim Hammonds, who had reportedly called the bank the “most dysfunctional company” that she had worked for.

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(AFP)

The Author

Chinenye Nwabueze

Nwabueze is a communication researcher with several years of lecturing experience in Nigerian universities.

31 Comments

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  1. Anagboso Chimdimma joy

    bank that mistakenly transfer 34 billion dollars to a customer us dat one bank
    team w

  2. Nwangene Blessing George

    (Team Bouke)
    Will I call that blessings?

  3. Nwufo vivian chidimma, team: Chidunem

    Wow I wish it was to my account..

  4. Lazarus kelvin chidiebube

    I wish,it was transferred to my account
    Team Rosa park

  5. OMG
    This mistake is much oo
    Team Bouake

  6. God should please bless my account with such money….

  7. Such an expensive mistake
    Wawrinka

  8. Simon Chiamaka Peace

    God please let them make that kind of mistake with my account.

    Team Wawrinka

  9. Lol
    Credit alert issa goal

    Team Dum Dum

  10. Ezike Onyeka Emmanuel

    Thank God it wasn’t a Nigeria Customer. But if it were you, what will you do?

  11. Omenuko Adaobi Promise

    What an expensive mistake
    Team Amazon princess

  12. Okay I know it can never be in Nigeria

    Team Wawrinka

  13. Arinzechi flourish

    (Team Bouke)
    Wow! So this stuffs do happen?

  14. Thank God it was ratified
    Team pastors grief

  15. Nwankwo Chinaza Blessing

    why nt in my own account na

  16. Ezeifeka Emmanuella

    This kind of mistake should happen in my life bikonu😂

    Team Pastor’s grief

  17. Team:Pastor’s grief
    Such a great mistake.

  18. Nwakile Maureen Uzoma

    I wish it was transferred into my account. Team Wawarinka.

  19. Egbuwalo Teniola Glory

    Team wawarinka
    I need this kind of error in my bank account.

  20. Ezenwajiugo Somto Prosper

    God don bless me nah…I wish this can happen to me

    Team: Wawrinka

  21. Why can’t they mistakenly send money to my account…..

  22. Lord Jesus Christ I need that miracle in my life, Amen .

  23. jeez let dis happen to me na…bank should mistakenly transfer money for me and forget..lolx

    pastor’s grief

  24. lolz
    This kind-of mistake is bae

    OLUWA BIKO ANSWER MY PRAYER

    BOUAKE

  25. CHUKWURAH CHINWIKE

    I love certain mistakes

    BOUAKE

  26. Ezike Onyeka Emmanuel

    What kind of mistake is this. thank God it isn’t a Nigeria Customer .

    Team Pastors Grief.

  27. How I wish d money was transferred to my account
    Team wawarinka

  28. Ha!if something like this should happen to me,my song will be;

    (1) I don get alert God win!
    (2) My bank alert name gbagam

  29. okeke ifunanya favour

    Enjoyment have started for that person…

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