Citigroup mistakenly credited a client’s account with $81 trillion instead of the intended $280 in what has been described as a major banking mishap. The error, which initially went unnoticed by two employees, was caught 90 minutes later by a third staff member.
No funds were transferred out of the bank, and the incident was swiftly reversed. Citigroup reported the mistake as a “near miss” to the Federal Reserve and the Office of the Comptroller of the Currency.
This incident adds to the bank’s history of transaction blunders, including a 2020 case where it unintentionally wired $900 million to Revlon creditors. Despite ongoing efforts to strengthen internal controls, the latest error raises further concerns about operational risks within the financial giant.
