Germany's biggest bank, Deutsche Bank, recently sent a $35 billion payment on accident. That's $5 billion more than their entire market value, an expert told CNNMoney.
Luckily, Deutsche Bank's "operational error" was quickly identified, and then rectified, a Deutsche Bank spokesman said in a statement. Still, it led "to the accidental collateral payment to an exchange it does business with," reports CNN. Deutsche Bank declined to comment further.
"We have rigorously reviewed the reasons why this error occurred and taken steps to prevent its recurrence," the Deutsche Bank spokesman said. According to the experts though, the faith in the bank, which has already been damaged due to dubious internal moves, will unlikely be returned after this March incident, initially reported by Bloomberg. Also, investors were disappointed with the bank's turnaround plan that called for closing hundreds of branches and cutting tens of thousands of jobs.
Source: money.cnn.com
