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Citigroup Almost Sent $8 Billion to Customer's Account by Accident
The Straits Times
|March 05, 2025
Citigroup almost shifted about US$6 billion (S$8 billion) to a customer's account by accident after an employee handling the transfer copied and pasted the account number into a field for the dollar figure.
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NEW YORK -
The near-miss in Citigroup's wealth management business magnified the intended amount by more than a thousand times and was detected on the next business day, according to people familiar with the matter.
It happened in April 2024, the same month that another part of the bank accidentally credited US$81 trillion to a different client.
The wealth division's error was reported to regulators and, within Citigroup's offices, provoked audible frustration from Mr Andy Sieg, who had arrived just months earlier to run the unit, according to the people, who asked not to be named discussing private information.
This story is from the March 05, 2025 edition of The Straits Times.
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