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Citigroup Last year, at the time, only $280 was sent, mistakenly putting the customer’s account credit for $81 trillion.
The payment, which occurred last April, was missed by two employees but was arrested 90 minutes after its release, The Financial Times Report first Friday night. After a few hours it was reversed and reported its currency auditor-general’s office as “close to Miss.”
The event is the latest error disclosed by Wall Street Bank, which has been working to overcome a series of operational errors in recent years.
“Although payments of this scale cannot be actually performed, our detective controls quickly identified an error in input between the two Citi ledger accounts, and we reversed the entry,” Citi said in a statement to NBC News. “Our prevention controls will also stop any funds leaving the bank. While there is no impact on the bank or our customers, the plot highlights our continued efforts to continue eliminating the manual process and automating the controls through our transformation.”
Citi has neither confirmed nor commented on the number of near-missing incidents it has encountered.
When the bank handles the wrong amount but is able to recover the funds, a near error occurs. According to the report, the bank suffered $1 billion or more last year, and 13 times a year ago.
The bank has been working to restore its reputation as it issued controversial creditors to the debt of Cosmetics Group Revlon five years ago, which led to debts from former CEO Michael Corbat, as well as large fines and regulatory consent orders to demand Citi’s resolution of these issues.
Corbat’s successor Jane Fraser said improving risks and control is a top priority. Last year, the bank was fined $136 million by regulators for not making enough progress in improvements.
