A Deutsche Bank junior employee accidentally sent a hedge fund client $6 billion while their boss was on holiday.
A payment mistake by a junior banker has nearly cost Deutsche Bank billions at a time when it is already under intense scrutiny from regulators.
The junior staff member was working unsupervised for the foreign exchange sales team when they accidently sent $6 billion to a US-based hedge fund client. The employee mistakenly processed the order as a “gross figure” instead of as a “net value” while their boss was on holiday this summer, according to the Financial Times.
http://www.independent.co.uk/news/business/
When I was working as a factory hand I couldn't get $5 out of the petty cash tin unless the leading hand approved it. Any more than $5 and I had to ask the foreman.
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