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Citibank's Copy-Paste Error Nearly Transferred $6 Billion to Wealth Account
Mar 04, 2025 06:25 pm
By
infodivyadelhi

Divya Delhi:  Bankers made a bizarre mistake last week, almost transferring $6 billion to a wealth account. The instance informed most banks' wealth management teams to handle entering quantities. According to Bloomberg News, The investigation said a transfer staffer copied and pasted the account number into a dollar figure field, which was caught the next business day. Citigroup nearly credited $6 billion to a wealth-management customer's account by mistake, according to Reuters and Bloomberg News. A staff worker accidentally copied and pasted the account number into the dollar amount section, multiplying it by over 1,000 times. The report stated that this was discovered on business day. In April, another bank division inadvertently credited $81 trillion to another client. The clerk made the mistake transferring monies between internal accounts. The Financial Times cited another situation in which Citigroup credited a customer's account with $81 trillion instead of $280 and took hours to reverse the transaction, according to Reuters. In 90 minutes, the $81 trillion error was found, thus the money couldn't have left the bank. To avoid errors, this process is totally automated. The blunder by Citigroup's wealth division caught regulators' notice and frustrated Andy Sieg, who had only led the company for a few months. Sieg, who was still adjusting to his leadership post, was hit hard by the mistake, according to insiders. A source who requested anonymity said the company's offices were tense and exasperated. Citigroup Jane Fraser cut its profitability aim to fund operational improvements and regulatory compliance. Due to rising regulatory costs, Citigroup cut its 2026 profitability forecast in January. Mark Mason, the bank's finance chief, said the bank was investing more on compliance. He cited to past regulatory penalties for risk management and data governance to emphasize that Citi was focused on enhancing its processes, even at a short-term cost. It reminded executives of Citigroup's 2020 Revlon Inc. scandal. At that time, the bank accidentally transferred over $900 million to cosmetics industry debtors. Over two years later, the firm recovered the money through litigation.