Citigroup by accidentally attributes the customer account with $ 81 trillion in “Near Miss”, FT reports

(Correction to add the word Muscat “with” in the title)

(Reuters) – Citigroup said by mistake 81 trillion dollars, instead of $ 280, for the customer’s account and took hours to reverse the treatment, “close to Miss” that shows the operational problems of the bank that the Financial Times reported on Friday.

The mistake, which occurred last April, had a payment employee and a second official who was appointed to verify the transaction before being treated the next day, citing an internal account and two people familiar with the event.

Financial Toys said that the third employee caught the error an hour and a half of the payment processing and eventually reflected the treatment after several hours.

The report said that there are no money that left City, which revealed the nearby Miss – when the bank processes the wrong amount but is able to recover the money – to the Federal Reserve and the Currency Observer Office (OCC).

Citi Ft told “the investigations controls” immediately determined the error and that it was reflected in the input, adding that the accident had no effect on the bank or customer.

There were 10 billion dollars or more in City last year, a decrease of 13 years in the previous year, according to an internal report seen by FT.

Citi refused to comment on FT on this report. He did not immediately respond to Reuters request for comment.

Last month, City Mark Masson said that the bank is investing more to address compliance cases, in reference to the organizational penalties for risk management and data governance.

“We have seen the need to invest more in the transformation of data, on technology, to improve the quality of information that comes out of our regulatory reports,” Masson said.

Last July, City was fined 136 million dollars due to the lack of sufficient progress in dealing with these issues, and in 2020, it was fined $ 400 million due to some risk and data failure.

(Participated in the reports of Janaki Venjoballan in Bangaluru; edited by Savio de Souza)