Citigroup mistakenly credited a customer’s account with $81 trillion last year when it meant to send just $280. The payment, which took place April 2024, was missed by two employees but caught 90 minutes after it was posted. The event is the latest mistake disclosed by the Wall Street bank, which is struggling to overcome a series of operational errors in recent years.
Near misses occur when a bank processes the wrong amount but is able to recover the funds. The bank suffered 10 near misses of $1 billion or more last year and 13 in the year prior. The bank has been working to repair its reputation since it sent $900 million in error to creditors engaged in a contentious battle over the debt of cosmetics group Revlon five years ago — which led to the ousting of former CEO Michael Corbat, as well as big fines and regulatory consent orders requiring Citi to fix the issues.
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cnbc.com, Tanaya Macheel, 01.03.2025