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Citigroup Erroneously Credited Client Account With $81 Trillion in 'Near Miss'
Citigroup credited a client's account with $81 trillion when it meant to send only $280, an error that could hinder the bank's attempt to persuade regulators that it has fixed long-standing operational issues. Financial Times: The erroneous internal transfer, which occurred last April and has not be...
Citigroup credited a client's account with $81 trillion when it meant to send only $280, an error that could hinder the bank's attempt to persuade regulators that it has fixed long-standing operational issues. Financial Times: The erroneous internal transfer, which occurred last April and has not been previously reported, was missed by both a payments employee and a second official assigned to check the transaction before it was approved to be processed at the start of business the following day. No funds left Citi, which disclosed the "near miss" to the Federal Reserve and Office of the Comptroller of the Currency, according to another person with knowledge of the matter.
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