Bungling Bankers €500,000,000 Blunder
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Bungling Bankers €500,000,000 Blunder

08:00 Monday 22nd September 2008



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 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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