Citigroup Mistakenly Credits Customer $81 Trillion in Banking Error

The error, caused by a manual input mistake, was corrected within hours and highlights ongoing operational challenges for the bank.

In April 2024, Citigroup accidentally credited a customer's account with $81 trillion instead of the intended $280 due to a manual input error in a backup system.
The mistake passed through two employees before being caught by a third employee 90 minutes later, with the transaction reversed a few hours after detection.
The bank reported the incident as a 'near miss' to regulators, emphasizing that no funds left the bank and there was no financial impact on the customer or Citigroup.
This is part of a broader pattern of operational errors at Citigroup, which reported 10 similar 'near misses' of $1 billion or more in 2024, down from 13 in 2023.
The incident underscores challenges in Citigroup's efforts to modernize its risk controls and data management under CEO Jane Fraser, following previous high-profile errors and regulatory fines.