Citigroup Credited $81 Trillion In Account Instead Of $280 By Mistake: Report
Citigroup accidentally credited an account with $81 trillion instead of $280 as it meant to before catching the error, the Financial Times reported. The snafu, a "near miss" in banking industry lingo, eluded a payments employee and a second bank official before being caught by a third employee 90 minutes after it posted, the newspaper reported late Thursday. The bank said it posted the payment to a client, without specifying what kind of client. The payment was reversed several hours later and no funds ever left the bank, the newspaper said. Citigroup, which has $1.7 trillion in assets according to Federal Reserve data, said there was "no impact to the bank or our client," according to a bank statement. "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," Citigroup said. Citi's snafu stemmed...