- Deutsche Bank accidentally sent $AU41.5 billion to an account at Deutsche Boerse AG’s Eurex clearinghouse, according to a Bloomberg report.
- The firm realised the error in a matter of minutes and rectified the problem.
- It’s the latest in a series of struggles at the bank.
Deutsche Bank has had it share of problems as of late, but this one’s particularly embarrassing.
The bank accidentally sent 26 billion euros ($AU41.5 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.
Business Insider Emails & Alerts
Site highlights each day to your inbox.