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From: Julius Wong2/28/2025 7:26:19 PM
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Citi accidentally credits account with $81T in 'near miss' - report

Feb. 28, 2025 10:27 AM ET
By: Liz Kiesche, SA News Editor

Citigroup (NYSE: C) erroneously credited a client's account with $81T in what should have been a $280 transaction, a mistake that could extend regulators' scrutiny as the bank attempts to convince them that it has fixed operational issues, according to a media report.

The internal transfer error occurred in April 2024 and was missed by a payments employee and a second Citi (NYSE: C) official tasked with double-checking the transaction before it was approved and processed at the beginning of the next business day, the Financial Times reported on Friday, citing a Citi internal account of the episode.

Another employee flagged a discrepancy in the bank's account balances about 90 minutes after the payment was posted, the report said. It was reversed several hours later.

The error was disclosed to the Federal Reserve as a "near miss," as no funds actually left Citi ( C) and didn't impact the bank or its client, the FT said.

An internal report chronicled 10 near misses of $1B or more in the last year, which was down from 13 in the previous year, the article said. A near miss is when a bank processes the wrong amount, but is able to recover the funds.

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