Citibank Makes Historic Banking Error, Accidentally Transferring $81 Trillion
American bank Citibank, part of the financial conglomerate Citigroup, made one of the largest mistakes in its history by accidentally sending a client $81 trillion instead of $280. This was reported by Financial Times.
The error occurred due to the inattention of two employees who processed the payment without noticing the abnormally high amount. The transaction was approved the next day, and only a third specialist discovered the issue. The transfer was canceled 90 minutes after confirmation, and the funds were returned to the bank’s accounts. The U.S. Federal Reserve was notified of the incident.
This mishap adds to a series of major mistakes made by Citibank in recent years. In 2023, the bank executed 10 erroneous transactions, each over $1 billion, damaging its reputation. In 2024, U.S. financial regulators fined Citibank $136 million for insufficient risk controls.
One of the most infamous cases was a 2021 mistake when the bank accidentally transferred $900 million to creditors of the cosmetics brand Revlon instead of the intended $7.8 million. Those funds were never recovered, leading to significant losses and the resignation of the CEO.
Additionally, Citigroup has been restructuring its business since 2021. That spring, the bank announced plans to exit its retail operations in Russia, and after the Ukraine conflict began in 2022, it fully ceased operations in the country.
Unusual decisions by Citibank continued in 2025. In February, the bank unexpectedly began sending notifications to clients about potential debt write-offs, raising concerns among financial analysts.
With multi-billion-dollar transaction errors, regulatory fines, and unexpected strategic moves, many are wondering: is Citigroup on the verge of another major crisis?
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