Imagine sending money to someone you owe, but with a few additional zeros. to the amount. This happened to Deutsche Bank in an epic error that was quickly corrected.
The largest bank in Germany said the “operational mistake” led to an incidental payment to the bank’s stock exchange.
The size of the error? $ 35 billion, CNNMoney told a source familiar with the information. This is $ 5 billion more than the market value of Deutsche Bank.
“The error was identified within a few minutes and then corrected,” a spokesman for Deutsche Bank said in a statement.
The bank said they were transferring money as collateral to their Eurex account, a major international stock market focused on European derivatives. The incident happened at the end of March, said the man familiar with the matter.
It is unclear how much money Deutsche Bank intended to pay – except that in fact almost 35 billion dollars have been transferred.
The $ 35 billion error message is unlikely to regain confidence in the bank, which has not reported an annual profit since 2014.
Deutsche Bank shares lost more than half of its value. Investors have shown little confidence in the Bank’s recovery plan, which would have shut down hundreds of branches and cut tens of thousands of workers places. Deutsche Bank’s investment banking has failed in the competition with the people from Wall Street.