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Deutsche Bank accidently makes €28 billion transfer

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By Emma Beswick
REUTERS/Kai Pfaffenbach/File Photo
REUTERS/Kai Pfaffenbach/File Photo

Deutsche Bank has said an "operational error" was to blame for the mistaken transfer of a huge €28 billion during a routine transaction.

The transfer took place on March 16 from Deutsche Bank’s principal accounts to Deutsche Bank‘s Eurex account, the financial institution said in a statement. While the transaction was intentional, it was meant to be for a much smaller amount.

“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,” the bank said.

What makes this mistake extraordinary is that the sum exceeded Deutsche's own market value of €24 billion.

The erroneous operation brings Deutsche's risk systems under further scrutiny.

It came just before the bank’s chief executive John Cryan was abruptly ousted on April 9.

Deutsche on Wednesday announced a further departure from its board, this time the head of IT and infrastructure, Kim Hammonds, who joined in 2016.