Citigroup's $6 Billion Near-Miss: A Systemic Risk?

Bloomberg News reported that Citigroup nearly transferred $6 billion into a customer's account by mistake. A wealth management employee mistakenly copied and pasted an account number into the dollar amount field. While the error was caught the next day, it highlights systemic issues in Citigroup's risk management and data governance. This follows a previous incident where $81 trillion was mistakenly transferred. These incidents have led Citigroup to invest in improved compliance and resulted in hefty regulatory fines, including $400 million in 2020 and $136 million in 2023.