The investment banking company, Citigroup, faced a significant error last April, when it mistakenly credited USD 81 trillion to a client’s account instead of USD 280. Reportedly, the mishap, which went unnoticed by two employees, was flagged 90 minutes later by a third employee. Although no funds were transferred, and the incident was reported as a “near miss” to the Federal Reserve and the Office of the Comptroller of the Currency. Citigroup confirmed that their detective and preventative controls would have prevented any transactions. Despite the error, the bank emphasised that there was no impact on either the client or the institution. Citigroup Layoffs 2024: US-Based Investment Banking Company Announces To Cut 430 Jobs From New York and Florida Offices as Part of 'Re-Organisation Plan'.

Citigroup Accidentally Credits USD 81 Trillion to Client

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