Citigroup's $81 Trillion Mistake: A Wake-Up Call for Operational Oversight
In a startling incident that highlights the vulnerabilities within large financial institutions, Citigroup made headlines last year when it mistakenly credited a customer’s account with an astonishing $81 trillion. The error, which occurred in April, was intended to be a mere $280 payment. Fortunately, the mistake was identified just 90 minutes after it was posted, and the funds were reversed several hours later. This incident was reported to the Federal Reserve and the Office of the Comptroller of the Currency as a “near miss,” illustrating the delicate balance banks must maintain in their operational processes.