By Denise Wee | Bloomberg
Citigroup Inc. erroneously credited $81 trillion to a buyer’s account as a substitute of $280 final April earlier than reversing the transaction hours later, in accordance with the Monetary Occasions.
The switch was missed by two staff and detected by a 3rd worker 90 minutes after it was posted, the report mentioned. No funds left the financial institution, and it was disclosed as a “near miss” to the Federal Reserve and Workplace of the Comptroller of the Foreign money, in accordance with the report.
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“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,” a Citigroup spokesperson mentioned in an emailed response. “Our preventative controls would have also stopped any funds leaving the bank.”
The incident had no affect on the financial institution or its consumer, the spokesperson added.
A complete of 10 close to misses of $1 billion or extra occurred at Citi final 12 months, in accordance with the FT, citing an inner report. Whereas it’s down from 13 circumstances in earlier 12 months, the report mentioned close to misses of larger than $1 billion had been uncommon throughout the US financial institution business.
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