Citigroup, one of the world’s largest financial institutions, narrowly avoided a colossal error that would have sent ripples through the banking industry. Last April, the bank inadvertently credited a client’s account with an astounding $81 trillion when it intended to transfer a mere $280.
This monumental mistake, previously unreported, has come to light at a critical time for Citigroup. The bank is currently striving to convince regulators that it has addressed long-standing operational issues, and this incident may undermine those efforts.
Source: Citigroup nearly credited client with $81 trillion instead of $280