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Benzinga
Benzinga
Business
Vandana Singh

Citigroup's Erroneous Transaction Behind Drop In European Stocks: Bloomberg

As per the Bloomberg report, a Citigroup Inc's (NYSE:C) trader made a mistake "inputting a transaction," the bank said, after a selloff in Swedish stocks in five minutes wreaked havoc, wiping out €300 billion ($315 billion) at one point. 

The bank said it identified the error "within minutes" and corrected it. The incident is a fresh setback to Citigroup's efforts to improve controls.

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