Citi mistakenly sent $900m to a fleet of hedge funds reluctant to return it. While human error is mainly at fault, their use of arcane technology stretching back to the 1990s was really the issue. Citi is now waging a legal battle with the hedge funds to recover the funds.
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Citi’s $900m misfire happened during software switch
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“If you want to switch from one provider to another, it’s a very big project,” said Marc Victory, manager in the financial-services practice at the consultancy Sia Partners. “Changes in providers are very cumbersome and very hard.” “Unfortunately, the manual checks of that selection also failed to detect the mistake,” Citigroup wrote in its court filing.
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