Citigroup accidentally credited an account with $81 trillion instead of $280 as it meant to before catching the error. The bank said it posted the payment to a client, without specifying what kind of client. The payment was reversed several hours later and no funds ever left the bank, the Financial Times reported. Citigroup, which has $1.7 trillion in assets according to Federal Reserve data, said there was \”no impact to the bank or our client,\” according to a bank statement. In July 2024, the Federal Reserve and Office of Comptroller of the Currency fined the bank $136 million for failing to sufficiently upgrade its systems under a 2020 order by the regulators to address poor risk management. The OCC fined Citigroup $400 million for deficiencies in risk management, data governance and internal controls in October 2020, according to the report. The Financial Times: Citigroup’s snafu stemmed from a system blockage of payments that had to be entered manually under a program that came pre-populated with 15 zeros.
