Citigroup has mistakenly credited a customer with $81 trillion instead of the correct amount of $280, highlighting the bank’s ongoing operational issues. The error occurred in April and was initially missed by two employees before being caught by a third employee 1.5 hours later.
The incident was reported to the Federal Reserve and the Office of the Comptroller of the Currency (OCC), but no funds were left in the customer’s account after the transaction was reversed. Citigroup attributed the error to its “detective controls” which promptly identified the issue between two ledger accounts.
According to internal reports, Citi experienced 10 near misses of $1 billion or more last year, down from 13 the previous year. The bank has been investing in addressing compliance issues, including regulatory penalties for risk management and data governance, as CFO Mark Mason stated.
Source: https://edition.cnn.com/2025/02/28/investing/citigroup-bank-account-error/index.html