Citi accidentally credited a client's account with $81 trillion instead of $280 million, marking a serious operational misstep. This incident follows a previous blunder in 2020 where $900 million was mistakenly transferred to Revlon creditors. Although no money left the bank, it presents challenges to Citi's CEO Jane Fraser, who is trying to assure shareholders and regulators of the bank's operational improvements. The recent errors highlight ongoing issues with its technology and compliance systems as part of a broader plan aimed at enhancing risk controls.
Citi's operational controls were promptly tested in an incident where $81 trillion was erroneously credited to a client instead of $280 million.
The incident underscores the ongoing challenges faced by Citi in its tech and compliance frameworks as it undergoes a Transformation plan to improve risk controls.
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