Bungling Bankers €500,000,000 Blunder

Bungling Bankers €500,000,000 Blunder



 German state development bank KfW has suspended three of its high level employees this week, after the hapless trio made what is surely one of the most expensive cock-ups in the history of banking. Two board members and a top risk control manager have been given their marching orders after mistakenly wiring over €500 million to the now ruined Lehman Brothers Bank, after they announced their bankruptcy on Monday.




Initial reports on the spectacular slip-up placed the amount at €300 million, but it has since been estimated that the total cost to the bank could run to as much as €536 million. The financial fallout will also eventually hit the pockets of the German taxpayers, who it is estimated will have to shell out approximately €4 each to redress the balance.

By Danielle Williams

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