Deutsche Bank paid hedge fund €6bn ‘by mistake’

Deutsche Bank erroneously paid $6bn (€5.2bn) to a US hedge fund client after a junior trader processed the wrong figure, the Financial Times reported.

Deutsche Bank paid hedge fund €6bn ‘by mistake’

The bank recovered the amount from the client the next day and the incident was reported to the US Federal Reserve, the European Central Bank, and the UK Financial Conduct Authority, the newspaper reported.

The trade was processed by a junior member of the bank’s London-based forex sales team in June while his boss was on a holiday, the FT reported, citing two people familiar with the matter.

Already a subscriber? Sign in

You have reached your article limit.

Unlimited access. Half the price.

Annual €120 €60

Best value

Monthly €10€5 / month

More in this section

Cookie Policy Privacy Policy Brand Safety FAQ Help Contact Us Terms and Conditions

© Examiner Echo Group Limited