May 26, 2024

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Citigroup loses 50 million dollars due to a typo

Citigroup loses 50 million dollars due to a typo

A typo by a British employee caused at least $50 million in damages to Citigroup. The accident, which occurred while the trader was making a deal, also led to the erratic crash of stock exchanges across Europe.

The case took place on May 3, at Citigroup’s trading desk in London, more specifically with the brokerage Delta One. One operator added an extra zero to one of the trades he had to make.

The employee was working from home during the bank holiday and the operation was part of an offer that was launched in the first negotiations for the exchanges. With this error, the Stockholm Stock Exchange was immediately hit by a lightning strike.

The damage to other European stock exchanges amounted to 322 billion US dollars, or about 1.5 trillion Brazilian reals, in a decrease in the market value of many companies.

According to Bloomberg sources, City Group He is still investigating the case and the amount of damage may be greater. In the meantime, the employee responsible for the error has been removed.

Moreover, given the impact of the accident, the City Group He will already be talking to regulators and brokers in order to improve their internal controls and prevent situations like this from happening again. The company also reviews its technologies and systems. a UOL Contact City Group Brazil is looking for locations and waiting for a response.

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