Last year, Citigroup mistakenly credited a client's account with $81 trillion instead of $280, an error that briefly went unnoticed before being caught 90 minutes later, as reported by The New York Times.
The bank called it a "near miss" and reported the incident to regulators. This blunder adds to Citi's troubled history with risk management. In 2022, a trader's mistake erased €300 billion from European stocks, leading to a £62 million fine. In 2020, the bank accidentally wired $900 million to Revlon's lenders and was later fined $400 million for failing to address internal control issues.
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