Citigroup Blunder: $81 Trillion Mistakenly Sent Instead of $280 — Reversed After 90 Minutes
In a jaw-dropping banking error, a Citigroup customer in the U.S. briefly saw a staggering $81 trillion deposited into their account instead of the intended $280. The mistake went undetected for about 90 minutes before the bank identified and reversed the transaction.
According to People magazine, two employees initially missed the error, which was eventually caught by a third staff member who promptly corrected it. Fortunately, the funds were retracted before the customer could access them, preventing further complications.
This incident once again casts doubt on the robustness of Citigroup’s internal controls.
A Pattern of Costly Mistakes
This isn’t the first time Citigroup has been in the spotlight for operational mishaps. In 2020, the bank accidentally sent $893 million to Revlon Inc.’s lenders — some of whom refused to return the funds, believing the payment was legitimate. The debacle led to a lengthy legal dispute, with Citigroup ultimately accepting fault.
In another notable case in 2022, a trading error triggered a market drop in Europe, prompting swift regulatory backlash and penalties due to inadequate oversight.
These repeated blunders continue to fuel concerns over the bank’s ability to prevent critical system failures.
