Mar 03, 2025
Citigroup’s $81 Trillion Blunder: Bank Catches Shocking Transfer Error
Citigroup mistakenly credited a customer's account with $81 trillion instead of the intended $280
The error was identified by the bank's internal systems within 90 minutes of processing
Two Citigroup employees quickly caught the mistake, but reversing the transaction took several hours
Citigroup reported the incident as a "near miss" to the Federal Reserve and the Office of the Comptroller of the Currency
The bank clarified that a transaction of this size could not have actually been executed due to internal controls
The issue was caused by an inputting error between two Citi ledger accounts
Citigroup emphasized its commitment to eliminating manual processes and increasing automation to prevent future errors
The bank previously made a $900 million transfer error to Revlon creditors, which contributed to the exit of then-CEO Michael Corbat
Citigroup was fined $136 million last year for failing to improve its risk and control measures
The bank reported 10 near misses last year, each involving transaction errors of at least $1 billion
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