Investment Banking

Citigroup nearly sent $81tn to client’s account in error

Citi has a history of making accidental transfers

Citigroup had 10 incidents last year where it nearly made erroneous transfers of $1bn or more Mike Kemp/In Pictures via Getty Images
Citigroup had 10 incidents last year where it nearly made erroneous transfers of $1bn or more Mike Kemp/In Pictures via Getty Images

Citigroup nearly transferred $81tn to a client’s account when it only meant to send $280.

The bank has a history of accidental transfers, most notably when it transferred $900m to creditors of cosmetics company Revlon in 2020, sparking a legal battle when some of the creditors refused to return the funds.

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