Reporting errors continue to plague Deutsche Bank

|About: Deutsche Bank AG (DB)|By:, SA News Editor

Deutsche Bank (NYSE:DB) has been fined £4.7M by the U.K.'s Financial Conduct Authority for inaccurately reporting more than 29M equity swap contract transactions.

The inaccuracies seem to have occurred due to a software coding error which caused the bank to misreport all these derivative product sales as purchases and vice versa.

The fine comes on the heels of the NY Fed's announcement of the bank's shoddy regulatory reporting.