11/29/2023 0 Comments Is deutsche bank going bustThe mistake isn't the first time KfW has had to go scurrying after erroneously transferred money. The development bank said it "launched a comprehensive international and external investigation" so that it can avoid a repeat of the error. KfW said an experienced programmer made an input error that caused its software to automatically make multiple payments to the four banks. KfW said it immediately detected and rectified the error and recalled the money without suffering any financial damage. The German business daily "Handelsblatt" said the error was pointed out by the German central bank, the Bundesbank. The Bloomberg news cited people familiar with the incident as saying the total amount transferred could have been as high as 6 billion euros. The Frankfurt-based lender blamed "human error" for the blunder, which saw 5 billion euros ($5.4 billion) being moved to accounts with four other banks on February 20.
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