A huge mistake was made at Citigroup after they accidentally credited $81 trillion to an account instead of $280.
According to a report by the Financial Times, two bank employees did not immediately notice the error. Fortunately, a third employee noticed it 90 minutes after it was posted.
Citigroup said that the erroneous transaction was immediately reversed, so no money left the bank.
According to the report, the error occurred due to manual payment entry in the system with a default of 15 zeros, which caused a huge amount.
In July 2024, Citigroup was fined $136 million by the Federal Reserve and the Office of Comptroller of the Currency for risk management deficiencies. In October 2020, it also fined $400 million for other systems and control issues.
