It was meant to be a routine transfer by Germany’s biggest lender.
But somehow Deutsche Bank sent 28 billion euros, about $35 billion — an amount more than the bank is worth — to an account.
A report in the Local said the bank admitted the “massive erroneous transfer” without specifying the amount it intended to send.
It happened March 16 when the bank was carrying out a transfer to an account at Deutsche Boerse’s Eurex clearing house, the report said.
The erroneous transfer “highlights IT and control issues at the banking giant,” the report said.
While such errors are not uncommon in the banking industry, the amount of money involved was a stunner.
The Local said it “raises questions about the risk management and control processes within the bank, which former CEO John Cryan was meant to have greatly improved since his arrival in 2016.”
His job was to clean up the