Citigroup Mistakenly Credits Customer $81 Trillion Before Reversing Error

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(RTTNews) - Citigroup Inc. (C) erroneously credited a customer's account with $81 trillion instead of $280 last April.

However, the bank reversed the transaction within hours, according to the Financial Times.

The error initially went unnoticed by two employees before a third employee detected it 90 minutes after it was posted, the report states.

No funds were withdrawn, and the incident was reported as a "near miss" to the Federal Reserve and the Office of the Comptroller of the Currency.

Citi told Reuters in a statement its "detective controls" promptly identified the inputting error between two ledger accounts and that it reversed the entry, adding the incident had no impact on the bank or the client.

There were 10 near misses of $1 billion or more at Citi last year, down from 13 the year before, according to an internal report seen by the FT

In July 2020, the bank mistakenly wired $900 million to Revlon creditors, paying off the full loan instead of just interest. It took two years of legal battles to recover the funds.