>Citigroup accidentally credited a client’s account with a staggering $81 trillion last April, a blunder that could hamper the bank’s efforts to convince regulators it has addressed longstanding operational deficiencies. >The Financial Times reports that in an incident that went unreported until now, Citigroup mistakenly entered an internal transfer of $81 trillion to a client account, when the intended amount was just $280. The erroneous transaction, which took place in April 2022, managed to slip through the bank’s initial checks and balances. >According to an internal account of the event seen by the Financial Times, as well as two people familiar with the matter, the $81 trillion error was missed by both the payments employee responsible for the transaction and a second official tasked with verifying it before being approved for processing the following business day. >It wasn’t until 90 minutes after the payment posted that a third employee caught the discrepancy while reviewing the bank’s account balances. The payment was then reversed several hours later. While no client funds actually left Citigroup, the bank did disclose the “near miss” to the Federal Reserve and the Office of the Comptroller of the Currency. >This episode underscores the ongoing challenges Citigroup faces in its efforts to overhaul risk management processes and eliminate manual procedures. The bank has been under regulatory scrutiny since mistakenly wiring $900 million to Revlon creditors in 2020, an error that led to the departure of then-CEO Michael Corbat and hefty fines. . . [Archive](https://archive.today/zmN6v)