Citigroup faced a significant error recently when it erroneously credited a client's account with $81 trillion, rather than the intended $280. This mistake is part of a troubling pattern for the bank, which has struggled with internal controls and risk management. Despite no funds leaving the bank, the incident reflects serious systemic flaws and follows several previous high-profile mistakes, including a 2020 miswire of $900 million and a major trading blunder in 2022. Jane Fraser, Citi's current CEO, acknowledges the need for improvements in these areas amid regulatory fines due to insufficient progress.
Citigroup's recent blunder of mistakenly crediting a client's account with $81 trillion highlights ongoing issues with its risk management and internal controls.
In 2022, a separate incident involving an additional zero led to a market crash in Europe, demonstrating systemic vulnerabilities within Citi's operations.
Collection
[
|
...
]