Another 'near miss': Citigroup mistakenly credited a customer account with $81 trillion

Core Points - Citigroup mistakenly credited a customer's account with $81 trillion instead of the intended $280, which was identified and reversed within hours [1][2] - The incident is part of a series of operational errors faced by Citigroup, highlighting ongoing challenges in their operational processes [1][4] - Citigroup reported 10 near misses involving $1 billion or more last year, compared to 13 the previous year, indicating a persistent issue with transaction errors [3] Company Response - Citigroup stated that their detective controls identified the error promptly and that preventative measures would have prevented any funds from leaving the bank [2] - The bank emphasized its commitment to eliminating manual processes and automating controls as part of its transformation efforts [2][5] Historical Context - The bank has been working to restore its reputation following a significant error in which it mistakenly sent $900 million to creditors of Revlon, leading to regulatory fines and the ousting of former CEO Michael Corbat [4] - Current CEO Jane Fraser has prioritized improving risk and controls, although the bank was fined $136 million last year for insufficient progress in these areas [5]