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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. It happened just after another part of the bank accidentally credited $81t to a different client.
In a statement, Citigroup said it “promptly identified and corrected this inputting error, which had no impact to the bank or our client. In addition, we have implemented enhanced preventative measures which are consistent with Citi’s continuing efforts to eliminate manual processes and automate controls.”
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