Citigroup mistakenly credited a client’s account with $81 trillion last April according to internal documents seen by the Financial Times.
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00:00Citigroup credited a client's account with $81 trillion, according to the Financial Times.
00:05The bank was originally meant to credit the account $280,
00:09but internal documents shown to the Financial Times
00:12revealed the $81 trillion mistake was missed by two employees.
00:16Citigroup told Fortune that despite the fact a payment of this size could not actually have been executed,
00:22our detective controls promptly identified the inputting error between two CitiLedger accounts
00:27and we reversed the entry.
00:29The slip-up occurred last April and was reported to the Federal Reserve
00:33and Office of the Comptroller of the Currency, but wasn't reported on until today.
00:38Citigroup also told Fortune that the mistake underscores our continued efforts
00:42to continue eliminating manual processes and automating controls through our transformation.
00:47Banks don't need to report errors like these to regulators.
00:50However, they should report incidents like this to the OCC,
00:54the Board of Governors of the Federal Reserve System, and the FDIC.