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.
this is wonderful
bank that mistakenly transfer 34 billion dollars to a customer us dat one bank
Will I call that blessings?
Wow I wish it was to my account..
I wish,it was transferred to my account
Team Rosa park
This mistake is much oo
God should please bless my account with such money….
Such an expensive mistake
God please let them make that kind of mistake with my account.
Credit alert issa goal
Team Dum Dum
Thank God it wasn’t a Nigeria Customer. But if it were you, what will you do?
What an expensive mistake
Team Amazon princess
Okay I know it can never be in Nigeria
Wow! So this stuffs do happen?
Thank God it was ratified
Team pastors grief
why nt in my own account na
This kind of mistake should happen in my life bikonu?
Team Pastor’s grief
Such a great mistake.
I wish it was transferred into my account. Team Wawarinka.
I need this kind of error in my bank account.
God don bless me nah…I wish this can happen to me
Why can’t they mistakenly send money to my account…..
Lord Jesus Christ I need that miracle in my life, Amen .
jeez let dis happen to me na…bank should mistakenly transfer money for me and forget..lolx
This kind-of mistake is bae
OLUWA BIKO ANSWER MY PRAYER
I love certain mistakes
What kind of mistake is this. thank God it isn’t a Nigeria Customer .
Team Pastors Grief.
How I wish d money was transferred to my account
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
Enjoyment have started for that person…