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Fortune
Fortune
Sheryl Estrada

Citi's $81 trillion mixup underscores the risks of manual processes

the outside of a Citibank at the bottom of a high rise building (Credit: Getty Images)

Good morning. Top accounting talent remains essential in the financial services industry.

Citigroup intended to send $280 to a customer account, but instead credited the account with $81 trillion, the Financial Times reported on Friday. The mix-up occurred last April when an erroneous internal transfer was missed by a payments employee. And then, a second official, tasked with checking the transaction before it was approved to get processed at the start of business the following day, missed the error as well.

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