Citigroup mistakenly credited a customer account with $81 trillion, but it was caught quickly.

From CNBC: 2025-03-01 12:34:37

Citigroup mistakenly credited a customer’s account with $81 trillion instead of $280 last year, catching the error 90 minutes later. The event is the latest in a series of operational errors for the Wall Street bank, which reported the incident as a “near miss” to regulators.

The bank stated that despite the inputting error, preventative controls would have stopped any funds from leaving. Citi did not confirm how many near misses it has experienced, but the report mentioned 10 near misses of $1 billion or more last year.

Citi’s reputation has been tarnished by past errors, including sending $900 million in error to creditors five years ago. Former CEO Michael Corbat was ousted, and current CEO Jane Fraser has made improving risk and controls a top priority, although the bank was fined $136 million last year for not making enough progress.

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