Citigroup erroneously credited $ 81 trillion in the account of a customer instead of $ 280 last April, before reversing the transaction hours later, according to the Financial Times.
The transfer was ignored by two employees and detected by a third employee 90 minutes after being registered, according to the report. No fund left the bank, and the incident was released as an “almost error” to the Federal Reserve and the currency controller’s office, according to the report.
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“Despite the fact that a payment of this size could not really have been executed, our detection controls promptly identified the entry error between two accounts of CITI’s reason and reverted the entrance,” said a Citigroup spokesman in an email response. “Our preventive controls would also have prevented any funds from leaving the bank.”
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The incident had no impact on the bank or its client, the spokesman added.
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A total of 10 “almost errors” of $ 1 billion or more occurred at Citi last year, according to the FTciting an internal report. Although it diminished from 13 cases the previous year, the report said nearly $ 1 billion errors were unusual throughout the US banking sector.
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