Citi Mistakenly Credits Client with $81 Trillion Due to Input Error

The error, which was quickly reversed, underscores ongoing operational challenges for the bank as it works to overhaul risk controls and technology.

Citigroup mistakenly credited a client's account with $81 trillion instead of the intended $280 due to a human input error in April 2024.
The error was detected within 90 minutes by a third employee after being missed by two initial checks, and the transaction was reversed within hours without any funds leaving the bank.
The incident is part of a series of operational blunders at Citi, including a $900 million mistaken transfer in 2020, which led to regulatory fines and leadership changes.
Citi reported 10 'near misses' involving $1 billion or more in 2024, down from 13 in 2023, highlighting ongoing struggles with risk management and compliance.
CEO Jane Fraser has prioritized addressing these issues through a multiyear transformation plan, dedicating significant investments to technology and automation to reduce manual errors.