Citigroup’s $81 Trillion Error: A Near-Miss Financial Catastrophe
In April 2022, a Citigroup employee mistakenly credited a customer’s account with $81 trillion instead of $280. The error, caught and reversed within hours, highlighted the bank’s ongoing struggles with operational errors. This incident, classified as a “near miss,” is one of many; Citigroup experienced ten near misses exceeding $1 billion in 2022 alone. These issues underscore the bank’s ongoing efforts to improve internal controls and automate processes, following previous significant errors and regulatory penalties.
John Q. Hosedrinker