Citi Reportedly Made Another Fund Transfer Error In April 2024 Worth $6B: Retail’s On Wait-And-Watch Mode

Citigroup Inc (C) stock once again drew investor attention on Tuesday after a Bloomberg report said the bank’s wealth management business almost sent $6 billion to a customer’s account — almost 1000-times more than what was originally intended.

The error occurred after a staffer copied and pasted the account number into the field instead of the dollar amount to be transferred, the report said citing people familiar with the matter.

Bloomberg further added that the incident happened in April 2024, the same month when the bank erroneously credited $81 trillion into another client account.

Citigroup has since set up a companywide tool that will help vet big transfers, the report added.

According to Bloomberg, Citi 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.”

Last week, a Financial Times report said the bank incorrectly credited $81 trillion into a client account instead of transferring just $280.

It elaborated that the transfer was missed by both a payments employee and a second official who was tasked with checking the transaction before approving it to be processed the following business day.

FT reported that a third employee identified the problem 90 minutes after it was posted. The report cited “an internal account of the event” and two people familiar with the event saying that the payment was reversed hours later.

Five years earlier, the lender reportedly sent $900 million by mistake to creditors entwined in a battle over the debt of cosmetics group Revlon.

In July 2024, Citi was fined $136 million for failing to fix data management issues. Before that, federal regulators had fined the bank $400 million for long-running internal issues.

Meanwhile, on Stocktwits, retail sentiment continued to trend in the ‘neutral’ territory (50/100).

Following the concerning report on Wednesday, Citi’s shares traded almost 0.5% lower in Monday’s premarket trading. The stock gained over 10% in 2025.

Also See: Credo Technology Slides Ahead Of Q3 Earnings, But Analysts Bet On AI-Driven Surge: Retail Stays Bullish

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