Citigroup (NYSE:C) accidentally credited a client's account with $81 trillion instead of $280 due to an internal transfer error, Financial Times reported. The mistake went unnoticed by two employees before another flagged it 90 minutes later. It was reversed within hours, with no impact on Citi or the client.
The bank reported the blunder to the Federal Reserve as a "near miss", but it adds to regulatory concerns as Citi works to prove its internal controls are improving.
This isn't Citi's first major misstep. In July 2020, it mistakenly wired $900M to Revlon creditors, paying off the full loan instead of just interest. It took two years of legal battles to recover the funds.
An internal review also found 10 similar near misses of $1B+ last year, down from 13 the year before. While Citi is making progress, the latest blunder raises fresh questions about its risk management.
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