German bank accidentally transfers $5.4 billion to four other banks
Germany’s state-owned development bank KfW, which gained publicity for erroneously transferring hundreds of millions of euros to Lehman Brothers Holdings Inc. the day the U.S. firm filed for bankruptcy, has done it again, Bloomberg reports.
KfW in February mistakenly transferred more than 5 billion euros ($5.4 billion) to four banks because of a technical glitch that repeated single payments multiple times, according to people familiar with the matter. The total amount transferred was as high as about 6 billion euros, said one of the people, who like the others asked not to be identified because the matter is private.
“We regret that during works on the systems, this incident could happen due to human error owing to a configuration mistake,” reads the statement of the bank.