Last year, the staff at City Group began the transfer of capital to the customer's account unintentionally, which will make the wealthy people in the history of human existence. The incident occurred in April, credit the customer's account with $ 81 trillion. Instead of the intention (only $ 280), the financial time first. report–
The City Group itself has a market value of approximately 150 billion US dollars and the GDP of the United States is only approximately $ 27 trillion. The GDP of the European Union is at 17 trillion GDP. China is near $ 18 trillion. Therefore, for clarity, the transfer amount will be more than the most developed world economy. It is not clear that the bank plans to receive money and unfortunately, customers who are problems do not receive money. (Not that they used to exist)
It is not clear whether the person who starts the transfer will have to do their work or not. In communication with Federal Reserve and the Citi Accounting Control Office, referring to the incident that “near to miss”, which you know may be a little speaking. There is no capital out of the bank. Report FT
In fact, “near Misss” seems to be quite a lot of categories in the banking industry. The said category is applied to an event that does not have the qualifications for checking the regulations according to the FT report:
Including mission 10 times – the event when bank Processing incorrect money But in the end, it was able to recover the money – or $ 1 billion or more at Citi last year according to the report within the blessing. The FT numbers decreased slightly from 13 years ago. Close to miss, do not need to report to the supervision agency, which means that there is no public information that covers the frequent events in the business sector. Former regulator and risk manager of many banks say that more than $ 1 billion missed is abnormal in the US bank industry.
In the end, the automatic system that the bank is responsible for suspended the transfer that is impossible, while the two human employees began to miss the outflow of money. In the end, the third employee was blown by the wind that there was something wrong for about 90 minutes after the transfer began to write. “Although the fact that this payment cannot be operated. But our detective controls specify the error in the information between the two Citi Ledger accounts and we return to the “company” program. Tell New York Times–
The Times noted that Citi has made a large fuckups before. Two years ago, accounting errors for trade inspiration for the sale of a lot of shares in Europe, which finally eliminated the value of 322 billion US dollars. For significant economic chaos such as City Group Was fined 79 million dollars–
GizModo reached out to City Group to comment and will update this matter if replied.