Close Menu
  • Home
  • Finance News
  • Personal Finance
  • Investing
  • Cards
    • Credit Cards
    • Debit
  • Insurance
  • Loans
  • Mortgage
  • More
    • Save Money
    • Banking
    • Taxes
    • Crime
What's Hot

EarnIn launches Early Pay for paychecks | PaymentsSource

March 21, 2025

How to Retire Like an Adult: An 11-Point Checklist for Responsible Freedom

March 21, 2025

How Trump’s Chaos Is Exacerbating The Financial Woes Of Colleges

March 21, 2025
Facebook X (Twitter) Instagram
Facebook X (Twitter) Instagram
InCapital Direct
Subscribe
  • Home
  • Finance News
  • Personal Finance
  • Investing
  • Cards
    • Credit Cards
    • Debit
  • Insurance
  • Loans
  • Mortgage
  • More
    • Save Money
    • Banking
    • Taxes
    • Crime
InCapital Direct
Home»Finance News»Citigroup mistakenly credited a customer account with $81 trillion
Finance News

Citigroup mistakenly credited a customer account with $81 trillion

March 1, 2025No Comments2 Mins Read
Facebook Twitter LinkedIn Telegram Pinterest Tumblr Reddit WhatsApp Email
Citigroup mistakenly credited a customer account with  trillion
Share
Facebook Twitter LinkedIn Pinterest Email

Jim Dyson | Getty Images News | Getty Images

Citigroup mistakenly credit a customer’s account with $81 trillion last year when it meant to send just $280.

The payment, which took place last April, was missed by two employees but caught 90 minutes after it was posted, the Financial Times first reported Friday. It was reversed several hours later and reported to the Federal Reserve and Office of the Comptroller of the Currency as a “near miss.”

The event is the latest mistake disclosed by the Wall Street bank, which is struggling to overcome a series of operational errors in recent years.

“Despite the fact that a payment of this size could not actually have been executed, our detective controls promptly identified the inputting error between two Citi ledger accounts, and we reversed the entry,” Citi said in a statement to NBC News. “Our preventative controls would have also stopped any funds leaving the bank. While there was no impact to the bank or our client, the episode underscores our continued efforts to continue eliminating manual processes and automating controls through our Transformation.”

Citi neither confirmed nor provided comment on the number of near misses it has experienced.

Near misses occur when a bank processes the wrong amount but is able to recover the funds. The bank suffered 10 near misses of $1 billion or more last year and 13 in the year prior, the according to the report.

The bank has been working to repair its reputation since it sent $900 million in error to creditors engaged in a contentious battle over the debt of cosmetics group Revlon five years ago — which led to the ousting of former CEO Michael Corbat, as well as big fines and regulatory consent orders requiring Citi to fix the issues.

See also  CFPB drops lawsuit against Capital One over its savings account rates

Corbat’s successor, Jane Fraser, has said improving risk and controls is a top priority. The bank was still fined $136 million by regulators last year for not making enough progress on the improvements.

Source link

account Citigroup credited customer mistakenly trillion
Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
Previous Article8 Investing Trends Across Generations: What’s Normal for Your Age Group?
Next Article Alkami to acquire account opening fintech Mantl

Related Posts

How Trump’s Chaos Is Exacerbating The Financial Woes Of Colleges

March 21, 2025

Student loans will be handled by Small Business Administration: Trump

March 21, 2025

Student Loan Recertification Extensions Announced For Borrowers

March 21, 2025
Add A Comment
Leave A Reply Cancel Reply

Top Posts

Education Department Shutdown May Be Imminent As McMahon Sends ‘Final Mission’ Memo

March 5, 2025

How is Social Security funded? Political debate resurfaces question on program

December 9, 2024

Fed officials see interest rate cuts ahead, but only ‘gradually,’ meeting minutes show

November 27, 2024
Ads Banner

Subscribe to Updates

Subscribe to Get the Latest Financial Tips and Insights Delivered to Your Inbox!

Stay informed with our finance blog! Get expert insights, money management tips, investment strategies, and the latest financial news to help you make smart financial decisions.

We're social. Connect with us:

Facebook X (Twitter) Instagram YouTube
Top Insights

EarnIn launches Early Pay for paychecks | PaymentsSource

March 21, 2025

How to Retire Like an Adult: An 11-Point Checklist for Responsible Freedom

March 21, 2025

How Trump’s Chaos Is Exacerbating The Financial Woes Of Colleges

March 21, 2025
Get Informed

Subscribe to Updates

Subscribe to Get the Latest Financial Tips and Insights Delivered to Your Inbox!

© 2025 incapitaldirect.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.