Banking Glitch Costs Citigroup $80 Billion
Citigroup recently experienced a near miss when it mistakenly credited a customer's account with $81 trillion, despite intending to send just $280. The error was caught 90 minutes after posting and reversed several hours later without any impact on the bank or its client. This incident is part of Citi's ongoing efforts to improve risk and controls following years of operational errors.
- The sheer scale of near misses highlights the importance of robust internal controls in banking, where even a small miscalculation can have far-reaching consequences.
- As Citigroup continues to work on improving its processes, it remains unclear how the bank's reputation will be restored in the eyes of regulators and the public after years of high-profile mistakes.