Deutsche Bank accidentally transfers $6 bln to client's account

Germany’s troubled Deutsche Bank has hit the headlines once again. This time for erroneously transferring $6 billion to a hedge fund client's account.

The multi-billion dollar mistake was reportedly made by a junior member of the foreign exchange team while his boss was away on holiday. According to the Financial Times, the trader processed a gross value instead of net figure. That meant the trade had “too many zeroes,” a source told the newspaper.

The question remains as to why the mistake was not instantly detected by Deutsche Bank, which supposedly uses a "four eyes principle" policy that requires every trade to be reviewed by another employee before processing.

The incident happened in June; the error was corrected the next day and the bank received the money back.