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Citigroup Mistakenly Credits $81 Trillion To Customer - Business - Nairaland 552c11

Citigroup Mistakenly Credits $81 Trillion To Customer (31044 Views)

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dre11(m): 10:40pm On Feb 28
Citigroup mistakenly credited $81 trillion to a customer's instead of $280 before reversing the transaction hours later, the Financial Times reported on Friday.

The error took place last April and was missed by a payments employee and a second worker before it was cleared to process the following day, according to the newspaper, which cited an internal and two people familiar with the matter.

A third employee discovered the error an hour and a half after the payment was processed; the transaction was reversed several hours later, the Financial Times said.

No funds left the bank and the "near miss" was disclosed to the Federal Reserve and the Office of the Comptroller of the Currency, the report said.

"Despite the fact that a payment of this size could not actually have been executed, our detective controls promptly identified the inputting error between two Citi ledger s, and we reversed the entry," a Citigroup spokesperson stated in an email. "Our preventative controls would have also stopped any funds leaving the bank."

The incident did not affect the bank or the customer, Citi added.

The bank experienced 10 near misses of $1 billion or more in 2024, down from 13 such cases the prior year, according to the FT, which cited an internal report.

https://www.cbsnews.com/news/citi-mistakenly-credited-81-trillion-to-customer-/

5 Likes 1 Share

TUANKU(m): 10:43pm On Feb 28
81 what? shocked

38 Likes 3 Shares

sofeo(m): 10:43pm On Feb 28
Great mistake.
Next is to freeze the , if U.S self see that kind money, they become debt free and more powerful.

62 Likes 7 Shares

samwash(m): 11:25pm On Feb 28
Na so he easy to post that kind of money to customer , what a costly error.
Who even authorize the transaction before it went through, the first and second officer must be on colors.

52 Likes 2 Shares

VeeVeeMyLuv(m): 12:15am On Mar 01
TUANKU:
81 what? shocked
I laff when ignorant people here say banker work is becoming useless grin grin

28 Likes 5 Shares

oz4real83(m): 5:18am On Mar 01
No bank or organisation in the world is worth that amount, none can even afford it, the GDP of America isn't up to that amount, the gdp of Europe is not up to it, the gdp of BRICS isn't either shocked

108 Likes 15 Shares

ruggedtimi(m): 7:20am On Mar 01
Richest man ever in 1hr.

99 Likes 11 Shares

ATEAMS: 8:14am On Mar 01
Chai ...


Bludi mistake

1 Like 1 Share

datola: 8:14am On Mar 01
Ah ah. $81 trillions. For where

I couldn't believe any bank in the world could boast of such amount let alone mistakenly send it to a customer.

Truly, money dey where he dey o!

31 Likes 3 Shares

Sofistcatdmoron: 8:14am On Mar 01
Rich forever like a Maybach music boss

3 Likes 3 Shares

Olachase(m): 8:14am On Mar 01
Person never do mistake credit my before

But you see that call it's uncountable

one just call wake me up around 2:30AM guess who na Aboki from Sokoto, I told him wrong number, but be like him no understand English

I hang up the call, the man called again I picked

I kuku leave the on call this man was there for like 20 mins

Those guys too mumu abeg🤧🤧

99 Likes 7 Shares

Sofistcatdmoron: 8:15am On Mar 01
grin cheesy

1 Like

zed7: 8:15am On Mar 01
Unbelievable. How do you mistakenly post 81 trillion dollars? Who even has 81 trillion dollars?

What's the total net worth of citibank? Perhaps, they mean another currency.

15 Likes 3 Shares

CodeTemplar: 8:15am On Mar 01
Weak chhecks n balance in place lol.

1 Like

iLoveYouToo(m): 8:15am On Mar 01
That they have that much money in their coffers is truly commendable. I’m blown away

67 Likes 3 Shares

Basicend: 8:16am On Mar 01
Wao! That's a scary lot of money.

They used to be the biggest financial institution in the world few years ago. Am not sure if they are still occupying that position.

I went to their branch at Oba Akran, Ikeja, some years back to open an , and they declined my application. I asked one of their employees, and he signaled something like salary range.

If you weren't earning like 800k per month or so, and they'll check your employers' profile too. Becoz I was not owing any bank.

I used to see them at Chevron offices, Exxon and P&G etc. Those guys are not desperate at all. Very selective and they basically deal s of multinationals.

16 Likes 1 Share

CaptainFM1: 8:17am On Mar 01
That customer should just use $1 Trillion to buy Nigeria and pay us all our share.

22 Likes 2 Shares

sylve11: 8:18am On Mar 01
That's huge. shocked cool
Seadogfellow: 8:18am On Mar 01
cheesy
zoghys: 8:18am On Mar 01
TUANKU:
81 what? shocked

Trillion dear, am still drooling grin grin grin
iwaeda: 8:19am On Mar 01
The guys in charge are FIRED. grin

1 Like

tunjijones(m): 8:19am On Mar 01
.81 trillion dollars?

No entity in this world is worth as much as that.

I don't even think America govt is worth that much.

Below is the worth of richest countries in the world

- *1. United States*: $139.8 trillion
- *2. China*: $84.5 trillion
- *3. Japan*: $22.6 trillion
- *4. *: $17.4 trillion
- *5. *: $16 trillion
- *6. United Kingdom*: $15.9 trillion
- *7. India*: $15.3 trillion
- *8. Canada*: $11.2 trillion
- *9. Italy*: $11 trillion
- *10. South Korea*by: $9.8 trillion

66 Likes 2 Shares

Revealpanda: 8:19am On Mar 01
iLoveYouToo:
That they have that much money in their coffers is truly commendable. I’m blown away
You're dull

6 Likes

Hienna1: 8:21am On Mar 01
Big Fat Lie

3 Likes

Dragunz: 8:22am On Mar 01
iLoveYouToo:
That they have that much money in their coffers is truly commendable. I’m blown away
zed7:
Unbelievable. How do you mistakenly post 81 trillion dollars? Who even has 81 trillion dollars?

What's the total net worth of citibank? Perhaps, they mean another currency.
datola:
Ah ah. $81 trillions. For where

I couldn't believe any bank in the world could boast of such amount let alone mistakenly send it to a customer.

Truly, money dey where he dey o!

Not necessarily that they have that such money. This can happen electronically even when they dont worth up to that.

10 Likes

MemphitzDgreat1(m): 8:22am On Mar 01
Lies from hell's pit
femi4: 8:22am On Mar 01
Buy mansions asap
smiliyB(f): 8:22am On Mar 01
Omo shocked that's much o



For your creative designs ( Graphics Designs) me asap
Risingblue008(m): 8:22am On Mar 01
It will still be recovered

1 Like

redcliff: 8:22am On Mar 01
sofeo:
Great mistake.
Next is to freeze the , if U.S self see that kind money, they become debt free and more powerful.

I swear this na non existent money i dont think any org has that money

5 Likes 1 Share

ghostwritter(m): 8:23am On Mar 01
God, I tap into this kind of accidental blessing 🙌

3 Likes

Burgerlomo: 8:24am On Mar 01
grin

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