Citi's $81 Trillion Mistake Flagged as ‘Near Miss,’ Raises Risk Control Concerns

Citigroup mistakenly credited a customer’s account $81 trillion last April instead of the intended $280. The error went unnoticed by two employees but was caught 90 minutes later, reversed within hours, and reported to regulators as a near miss. Citi stated that its controls detected and prevented any funds from leaving the bank. The Wall Street firm has struggled with operational mistakes and recorded 10 near misses of $1 billion or more last year. CEO Jane Fraser has prioritized improving risk and controls.