Citi Spends $9 Billion on Tech Overhaul After Series of Costly Errors (yahoo.com)
(Thursday July 03, 2025 @05:30PM (msmash)
from the lesson-learned dept.)
Citigroup spent over $9 billion on technology and communications last year, almost a fifth of total operating expenses and a larger proportion than competitors, as the bank [1]works to fix legacy software systems that have produced costly errors including [2]accidentally wiring more than $900 million to Revlon creditors.
The bank has consolidated 12 international sanctions screening systems into one platform, retired 20 cash equities platforms and launched a replacement, and automated high-risk processes where "fat-finger" errors previously occurred. Recent mistakes included [3]crediting one account with $81 trillion after an employee failed to remove zeros from an electronic form and a copy-paste error that almost missent $6 billion.
[1] https://finance.yahoo.com/news/man-tasked-ending-citigroup-fat-100000654.html
[2] https://tech.slashdot.org/story/21/02/18/161214/citi-cant-have-its-900-million-back
[3] https://news.slashdot.org/story/25/02/28/136217/citigroup-erroneously-credited-client-account-with-81-trillion-in-near-miss
The bank has consolidated 12 international sanctions screening systems into one platform, retired 20 cash equities platforms and launched a replacement, and automated high-risk processes where "fat-finger" errors previously occurred. Recent mistakes included [3]crediting one account with $81 trillion after an employee failed to remove zeros from an electronic form and a copy-paste error that almost missent $6 billion.
[1] https://finance.yahoo.com/news/man-tasked-ending-citigroup-fat-100000654.html
[2] https://tech.slashdot.org/story/21/02/18/161214/citi-cant-have-its-900-million-back
[3] https://news.slashdot.org/story/25/02/28/136217/citigroup-erroneously-credited-client-account-with-81-trillion-in-near-miss