Deutsche Bank reportedly sent R390 billion to the wrong account
- Deutsche Bank accidentally sent €26 billion (R390 billion) to an account at Deutsche Boerse AG's Eurex clearinghouse, according to a Bloomberg report.
- The firm realised the error in a matter of minutes and rectified the problem.
- It's the latest in a series of struggles at the bank.
Deutsche Bank has had it share of problems as of late, but this one's particularly embarrassing.
The bank accidentally sent €26 billion (R390 billion) to an account at Deutsche Boerse AG's Eurex clearinghouse the week before Easter, according to Bloomberg's William Canny, citing a person familiar with the matter.
"This was an operational error in the movement of collateral between Deutsche Bank’s principal accounts and Deutsche Bank’s Eurex account," Deutsche Bank spokesman Charlie Olivier told Bloomberg in an emailed statement. "The error was identified within a matter of minutes, and then rectified. We have rigorously reviewed the reasons why this error occurred and taken steps to prevent its recurrence."
News of the error comes just over a week after the bank named Christian Sewing as its new CEO. Sewing replaced John Cryan on April 9 amid shareholder worries of falling revenues and defecting staff in its investment banking division.
Shares of Deutsche Bank are down nearly 25% this year.
Receive a single WhatsApp message every morning with all our latest news: Sign up here.
- Emigration has tripled among SA home owners in the past five years. But the wealthiest families are less likely to move abroad
- SA is swooning over the new 'MaXhosa by Laduma' rugs - even at these prices
- We tried the pap at Wimpy and KFC - and the winner is clear
- The new red iPhones are stunning to look at — but they're also fingerprint magnets
- We asked Strictly Come Dancing's expert to score President Cyril Ramaphosa’s killer dad moves – and he did surprisingly well