In April 2024, Citigroup made a significant error by crediting a customer's account with $81 trillion instead of the correct amount of $280. This mistake went unnoticed by two employees before a third caught it 90 minutes after the transaction was posted. Although the amount involved dwarfs the GDP of all nations and Citigroup's own market capitalization, no funds were actually transferred out of the bank. Citigroup notified the relevant regulatory authorities and indicated plans to enhance their transaction processing systems to prevent similar incidents in the future.
Citigroup's alarming blunder involved crediting $81 trillion to a customer instead of the intended $280, revealing significant oversights in transaction checks that raised concerns about internal controls.
The transaction value exceeded the GDP of every country and Citigroup’s own market cap, highlighting the gravity of the situation while the bank managed to recover the funds without customer impact.
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