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Citibank $900M Wire Mistake Explained | A Breakdown In Internal Control [Video]

Citibank $900M Wire Mistake Explained | A Breakdown In Internal Control

In August of 2020, A Citibank contractor, rather than sending the periodic interest payment of $8M to the lenders, he/she wired $900 million or almost the entire balance of the loan by accident. Citibank then sent a note to the wire recipient , the lenders in this case, saying, oops, sorry about that, please send us the money back. Some of them complied and returned the money.

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