16:23 - 28.02.2025

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February 28, Fineko/abc.az. The American Citibank (the bank of the financial conglomerate Citigroup) mistakenly transferred $81 trillion to its client's account instead of $280, ABC.AZ informs, referring to British newspaper Financial Times (FT).

The transfer was processed along the chain by two employees, neither of whom noticed the error. The transaction was approved the next day after its registration, only a third specialist identified a problem with the balance on the bank's accounts and canceled the transfer 90 minutes after the money was sent, the funds were returned a few hours later.

The FT source noted that the money did not leave the bank itself, the U.S. Federal Reserve and other regulators were notified of the incident.

According to a report available to the newspaper, 10 smaller-scale incidents involving erroneous transactions worth $1 billion and above were registered at Citibank last year. This situation affects bank's reputation and its assessment in the eyes of the US banking system regulator. In 2024, the bank was already fined a total of $136 million due to the poor quality of risk control.