Citigroup’s $81 Trillion Error: A Shocking Banking Blunder

Citigroup credited $81 trillion to a customer’s account instead of $280. The error occurred in April 2024 and was caught 90 minutes later. The transaction was reversed, and no funds left the bank. This incident highlights the bank’s operational issues.

Citigroup faced multiple $1 billion near misses in the past year. In July 2024, the Federal Reserve and the Office of the Comptroller of the Currency fined Citigroup $136 million for not addressing these issues. Additionally, the bank was fined $400 million in October 2020 for deficiencies in risk management, data governance, and internal controls.

Citigroup’s Chief Financial Officer, Mark Mason, emphasized investing in data, technology, and improving regulatory reporting. The bank’s recent errors highlight the need to enhance its systems and prevent such mistakes.