Citigroup, the American multinational investment bank and financial services company, known in Malaysia for its banking subsidiary Citibank, made headlines worldwide recently after its near-catastrophic mistake last year was unearthed. Get this, Citigroup had mistakenly credited a whopping USD81 TRILLION to a customer’s account instead of USD280. 

As reported by CNBC, which quoted a report by Financial Times, Citigroup made the mistake in April 2024. Moreover, two employees missed the glaring mistake, but thankfully, they noticed it 90 minutes after the amount was credited. 

The bank then managed to reverse the transaction several hours later and reported it to the Federal Reserve and Office of the Comptroller of the Currency as a “near miss”. Citigroup, in a statement to NBC News, asserted that while there was no impact on the bank or its client, the episode underscores its continued efforts to “continue eliminating manual processes and automating controls through Transformation”.

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