https://www.theguardian.com/business/2025/feb/28/citigroup-credited-client-account-with-81tn-before-error-spotted [p] Skip to main contentSkip to navigation Close dialogue1/1Next imagePrevious imageToggle caption Skip to navigation Print subscriptions Newsletters Sign in US[ ] * US edition * UK edition * Australia edition * Europe edition * International edition The Guardian - Back to homeThe Guardian [ ] * News * Opinion * Sport * Culture * Lifestyle Show moreHide expanded menu * [ ]News + View all News + US news + US politics + World news + Climate crisis + Middle East + Ukraine + Oscars + Soccer + Business + Environment + Tech + Science + Newsletters + Wellness * [ ]Opinion + View all Opinion + The Guardian view + Columnists + Letters + Opinion videos + Cartoons * [ ]Sport + View all Sport + Soccer + NFL + Tennis + MLB + MLS + NBA + WNBA + NHL + F1 + Golf * [ ]Culture + View all Culture + Film + Books + Music + Art & design + TV & radio + Stage + Classical + Games * [ ]Lifestyle + View all Lifestyle + Wellness + Fashion + Food + Recipes + Love & sex + Home & garden + Health & fitness + Family + Travel + Money * Search input [ ] google-search Search + Support us + Print subscriptions + Newsletters + Download the app * + Search jobs + Digital Archive + Guardian Licensing + About Us + The Guardian app + Video + Podcasts + Pictures + Inside the Guardian + Guardian Weekly + Crosswords + Wordiply + Corrections * Search input [ ] google-search Search + Search jobs + Digital Archive + Guardian Licensing + About Us * Business * Economics * Banking * Money * Markets * Project Syndicate * B2B * Retail The Citigroup logo on a laptop [ ] Citigroup says a payment of this size could not actually have been executed. Photograph: Joan Cros/NurPhoto/Rex/Shutterstock View image in fullscreen Citigroup says a payment of this size could not actually have been executed. Photograph: Joan Cros/NurPhoto/Rex/Shutterstock Citigroup Citigroup credited client's account with $81tn before error spotted US bank meant to send $280 but no funds were transferred despite 'fat finger' mistake Jasper Jolly Fri 28 Feb 2025 04.55 ESTLast modified on Fri 28 Feb 2025 06.56 EST Share The US bank Citigroup credited a client's account with $81tn when it meant to send $280 - before the "fat finger" error was caught. The mistake was spotted only after two employees had missed it, and a third employee rectified it 90 minutes after it was posted, the Financial Times reported. No funds left the bank. The bank disclosed the "near miss" to the US Federal Reserve and the Office of the Comptroller of the Currency. A transaction of $81tn (PS64tn) would be so huge that it would be unlikely to go through any bank's systems. It would have certainly gone down as one of the biggest ever fat finger errors, in which the wrong number is entered in a computer system. The sum would be more than enough to buy the entire US stock market, including all of the big tech companies, at a healthy premium. The US stock market was valued at $62tn at the end of 2024, according to the Current Market Valuation website. The amount would be also be enough to buy all of the assets of Elon Musk, the world's richest man, more than 200 times over. His fortune is valued at $343bn, according to Bloomberg's billionaires index. The total stock of global wealth was estimated at about $450tn by UBS last year. The total wealth of the UK was estimated at $16tn in 2022. A Citi spokesperson said: "Despite the fact that a payment of this size could not actually have been executed, our detective controls promptly identified the inputting error between two Citi ledger accounts and we reversed the entry. Our preventative controls would have also stopped any funds leaving the bank. "While there was no impact to the bank or our client, the episode underscores our continued efforts to continue eliminating manual processes and automating controls through our transformation." It was not the first fat finger error for Citi, which has previously faced criticisms of its internal systems. In 2020 it accidentally sent $900m to creditors of the cosmetics company Revlon. It took two years of legal battles for the bank to recover much of the money from several hedge funds, and the saga contributed to the departure of the Citigroup chief executive, Michael Corbat. skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day - we'll point you to all the business news and analysis you need every morning Enter your email address [ ]Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy. We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion The bank was fined PS61.6m in the UK last year after a banker tried to sell stocks worth $58m in May 2022. However, the fat-fingered trader accidentally sold shares worth $1.4bn, causing a "flash crash" in European stock markets. The unidentified trader scrolled past error messages without reading them. The Financial Times reported that Citi experienced 10 near misses of more than $1bn last year, citing an internal report. In 2014, a trader cancelled orders for shares in 42 Japanese companies worth 67.78tn yen (PS380bn) before they could be made. Explore more on these topics * Citigroup * Banking * news Share Reuse this content More on this story More on this story * [3500] Citigroup commits to hybrid working, bucking Wall Street trend 4 Feb 2025 * [2860] Citigroup commits to office working with PS1bn Canary Wharf tower revamp 16 Jan 2025 * [4370] Six big US banks quit net zero alliance before Trump inauguration 8 Jan 2025 * [2790] Citigroup fined over 'fat finger' error that led to PS1.1bn of mistaken orders 22 May 2024 Most viewed Most viewed 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. * Business * Economics * Banking * Money * Markets * Project Syndicate * B2B * Retail * News * Opinion * Sport * Culture * Lifestyle Original reporting and incisive analysis, direct from the Guardian every morning Sign up for our email * About us * Help * Complaints & corrections * SecureDrop * Work for us * * Privacy policy * Cookie policy * Terms & conditions * Contact us * All topics * All writers * Digital newspaper archive * Tax strategy * Facebook * YouTube * Instagram * LinkedIn * Newsletters * Advertise with us * Guardian Labs * Search jobs Back to top (c) 2025 Guardian News & Media Limited or its affiliated companies. 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