What if this $890 million erroneous transfer was sent to your account! Would you return it? Or would you secretly withdraw it.
According to People magazine, two employees responsible for overseeing the transaction failed to notice the error until a third person noticed the anomaly and corrected it.
The transfer was canceled before the client could access the money, thereby avoiding greater issues for the bank. However, this failure still raised concerns about Citigroup's ability to prevent critical errors in its financial system.
This repeated mistake by Citigroup is not the first significant error in recent years. In 2020, Citibank mistakenly transferred $893 million to lenders of cosmetics company Revlon Inc., with some recipients refusing to return the funds, believing it was a legitimate payment. This incident led to a prolonged legal battle, with the financial institution having to acknowledge its responsibility for the error.
In 2022, another blunder by Citigroup caused a downturn in European markets due to an error in stock operations. This situation prompted an immediate response from financial regulators, penalizing the bank for its inadequate controls.
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