Market Chatter: Citigroup Mistakenly Credits Client With $81 Trillion Last April

MT Newswires Live
28 Feb

Citigroup (C) mistakenly credited $81 trillion, instead of $280, to a client's account in April 2024 due to an input error and interface issues with the backup system, the Financial Times reported Friday, citing a internal report and sources familiar with the matter.

According to the report, the error was missed by two employees and was detected by a third employee 90 minutes after the transaction was posted. The error was reversed after several hours, FT added.

Citigroup did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10