Paul Ikpe's Blog ❤

​ Germany’s biggest lender Deutsche Bank on Friday admitted to a massive erroneous transfer of €28bn ($34 billion) in a routine operation, more than the entire bank is worth. The unprecedented mistake happened on March 16 when Deutsche Bank carried out a transfer to an account at Deutsche Boerse’s Eurex clearing house, a spokesman told AFP. The operation was meant to involve a far smaller sum, which the bank has not revealed, and highlights IT and control issues at the banking giant. Accounting errors happen most days, but the sum involved in this case is highly unusual and even exceeds Deutsche’s market capitalisation of 24 billion euros. The incident, which came shortly before John Cryan was ousted as chief executive, was quickly fixed and no harm was done, the institution said. But it raises questions about the risk management and control processes within the bank, which Cryan was meant to have greatly improved since his arrival in 2016. https://d-26021898242016009.ampproj

Banks in Ilesa, Ijebu Jesa and adjoining towns in Osun State hurriedly closed for business on Wednesday after an alarm that some hoodlums were attempting to force their way into one of the commercial banks in the towns. There was confusion following the report, as many bank customers who were trying to make withdrawals at various Automated Teller Machine points fled, while banks shut their gates and prevented people from going in. A worker at one of the banks told  PUNCH Metro  that the hoodlums were prevented from entering the affected bank by security agents. The worker, who spoke on condition of anonymity, said all the banks closed their gates and ordered customers to leave their premises to forestall any security breach. The robbery scare also forced banks in Osogbo, the state capital, to close almost the same time with their counterparts in Ijesa. The bank worker said, “We saw some people running and panicking this morning. We were told that some hoodlums were making an attem