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Citigroup Credited by mistake an account of a client with 81 billions of dollars last year, when it only meant $ 280.
Payment, which took place last April, was missed by two employees but took 90 minutes after its publication, the Financial Times reported for the first time Friday. It was reversed several hours later and was reported to the federal reserve and to the office of the Currency Controller as “quasi-accident”.
The event is the last error disclosed by the Wall Street Bank, which has trouble overcoming a series of operational errors in recent years.
“Despite the fact that a payment of this size could not have been executed, our detective checks quickly identified the entry error between two Citi Ledger accounts, and we reversed the entry,” Citi said in a statement to NBC News. “Our preventive checks would also have prevented the funds from leaving the bank. Although there has been no impact on the bank or our client, the episode highlights our continuous efforts to continue to eliminate manual processes and automate controls thanks to our transformation.”
Citi has neither confirmed nor comment on the number of quasi-accidents she has known.
Nearby failures occur when a bank deals with the wrong amount but is able to recover the funds. The bank suffered 10 meters close to $ 1 billion or more last year and 13 the previous year, according to the report.
The bank has been working to repair its reputation since it sent $ 900 million in errors to creditors engaged in a disputed battle concerning the debt of the Revlon cosmetics group five years ago – which led to the eviction of the former CEO Michael Corbat, as well as large fines and prescriptions for demanding Citi regulatory consent to solve problems.
Corbat’s successor, Jane Fraser, said that rising risks and controls is an absolute priority. The bank has always been sentenced to a fine of $ 136 million by regulators last year so as not to make enough progress in improvements.
