Citigroup Briefly Makes Customer the Richest Person in History With Mistaken Transfer
- Florent DEPOILLY
- Mar 1
- 1 min read
1
Citigroup mistakenly credited $81 trillion instead of $280 to a customer’s account, taking hours to correct the error.
2
The mistake was missed twice by employees responsible for checking transactions before a third employee spotted it 1.5 hours later.
3
No money actually left the bank, and Citigroup reported the near miss – when a bank processes the wrong amount but is able to recover the funds – to the Federal Reserve and the OCC.
4
Citi had 10 major transaction errors over $1 billion last year, down from 13 in the previous year.
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The bank has faced regulatory fines, including $136 million in 2023 and $400 million in 2020, for risk management failures.
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