The error was missed by two employees but was spotted by a third employee after 90 minutes. ‘No funds left Citi’
Published Date – 28 February 2025, 02:26 PM
Hyderabad: Citigroup Inc erroneously credited $81 trillion to a customer’s account instead of $280 last April, according to the Financial Times.
The bank, however, reversed the transaction hours later.
The error was missed by two employees but was spotted by a third employee 90 minutes after it was posted, the report said.
“The payment was reversed several hours later. No funds left Citi, which disclosed the near miss to the Federal Reserve and Office of the Comptroller of the Currency,” the report stated.
“The bank said its detective controls promptly identified the inputting error between two Citi ledger accounts and we reversed the entry and that these mechanisms would have also stopped any funds leaving the bank,” according to the FT report.
Last year, the bank reported 10 near misses of $1 billion or more as against 13 cases in previous year, the FT report said.