Deutsche Bank's $6bn 'fat finger' mistake

Recovered losses the next day

Deutsche Bank mistakenly paid a hedge fund client $6bn in a ‘fat finger' trade carried out by a junior member of the staff over the summer, according to reports.

The Financial Times reported the German bank recovered the sum the next day but the mistake has called into question the group's risk and operational controls. The junior member of staff processed the $6bn trade while his boss on holiday, according to FT sources, making the mistake of processing the gross figure instead of the net figure, adding "too many zeroes". Deutsche Bank reported the matter to the Financial Conduct Authority, the European Central Bank and the Federal Reserve but declined to comment to the FT. The bank recently announced a shake-up within its senior managemen...