Friday, August 1, 2025

Creating liberating content

A Joby Aviation electric vertical take-off and landing (eVTOL) aircraft

NEW DELHI: India’s gross Goods and Services Tax (GST) revenue

Access Denied You don’t have permission to access ” on

The Karnataka Labour Minister, Santosh Lad, announced on Thursday that

Related News

A Joby Aviation electric vertical take-off and landing (eVTOL) aircraft during an event at Edwards Air Force Base in Edwards, California, US, on Monday, Sept. 25, 2023. Air taxi start-up

NEW DELHI: India’s gross Goods and Services Tax (GST) revenue rose 7.5% year-on-year to Rs 1.96 lakh crore in July, according to data released by the finance ministry on Thursday.In

Access Denied You don’t have permission to access ” on this server. Reference #18.4cfdd417.1754043613.1110b7ff Source link

The Karnataka Labour Minister, Santosh Lad, announced on Thursday that his department has sought clarification from TCS amid their plans to cut 12,000 employees from their workforce.“We got information that

India’s manufacturing sector achieved a 16-month peak of 59.1 in July, driven by increased orders and output amidst positive market conditions, according to a Friday survey report.The HSBC India Manufacturing

Nintendo Co. Switch 2 game consoles at a Bic Camera Inc. electronics store in Tokyo, Japan, on Thursday, June 5, 2025. Nintendo Co. fans from Tokyo to Manhattan stood in

Trending News

NEW DELHI: India’s gross Goods and Services Tax (GST) revenue rose 7.5% year-on-year to Rs 1.96 lakh crore in July, according to data released by the finance ministry on Thursday.In

India’s manufacturing sector achieved a 16-month peak of 59.1 in July, driven by increased orders and output amidst positive market conditions, according to a Friday survey report.The HSBC India Manufacturing

It’s raining NFOs in the monsoon. At least 10 new mutual fund schemes are slated for launch this month. (AI image) Mumbai: It’s raining NFOs in the monsoon. At least

Pityush Goyal (File photo) NEW DELHI: Amid Donald Trump’s offensive, the government on Thursday dug its heels in on trade, saying it will not compromise on the interests of farmers.Commerce

The Trump administration has sanctioned six Indian companies for their “significant” sales and purchases of Iranian-origin petrochemical products.“The Iranian regime continues to fuel conflict in Middle East to fund its

MUMBAI: In an unusual turn, Indian banks extended more credit for automobile purchases than for housing in the first quarter of FY26, highlighting a shift in consumer demand and lending

Citigroup mistakenly credited a customer account with $81 trillion

Word Count: 324 | Estimated Reading Time: 2 minutes


Jim Dyson | Getty Images News | Getty Images

Citigroup mistakenly credit a customer’s account with $81 trillion last year when it meant to send just $280.

The payment, which took place last April, was missed by two employees but caught 90 minutes after it was posted, the Financial Times first reported Friday night. It was reversed several hours later and reported to the Federal Reserve and Office of the Comptroller of the Currency as a “near miss.”

The event is the latest mistake disclosed by the Wall Street bank, which is struggling to overcome a series of operational errors in recent years.

“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,” Citi said in a statement to NBC News. “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.”

Citi neither confirmed nor provided comment on the number of near misses it has experienced.

Near misses occur when a bank processes the wrong amount but is able to recover the funds. The bank suffered 10 near misses of $1 billion or more last year and 13 in the year prior, the according to the report.

The bank has been working to repair its reputation since it sent $900 million in error to creditors engaged in a contentious battle over the debt of cosmetics group Revlon five years ago — which led to the ousting of former CEO Michael Corbat, as well as big fines and regulatory consent orders requiring Citi to fix the issues.

Corbat’s successor, Jane Fraser, has said improving risk and controls is a top priority. The bank was still fined $136 million by regulators last year for not making enough progress on the improvements.



Source link

Most Popular Articles

Sign In

Welcome ! Log into Your Account