In the latest embarrassing mistake, Citi credited an account with $81 trillion instead of $280. The company acknowledged to Business Insider that an "inputting error" had been made but would not confirm the exact numbers reported by the Financial Times. Instead, Citi framed the incident as a demonstration of systemic improvements, as no money was transferred.
"Despite the fact that a payment of this size could not actually have been executed, our detective controls promptly identified the inputting error between two Citi ledger accounts, and we reversed the entry, " the spokesperson said in a statement. "Our preventative controls would have also stopped any funds leaving the bank," the spokesperson said, adding that there was "no impact to the bank or our client."
This follows an incident in 2020 in which Citi transferred the full $900 million of an outstanding loan instead of an $8 million interest payment to Revlon's creditors. US and UK regulators have also fined Citi hundreds of millions in fines for deficiencies and errors.
Previously: Oops! A UK bank accidentally gave customers $175 million — but what better timing than Christmas?
