Citigroup credits a clients account with $81 trillion instead of $280

Citigroup mistakenly credited a client’s account with $81 trillion last April according to internal documents seen by the Financial Times.

Transcript

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.