Business
Citibank can’t get back $650 million it wired by mistake in one of the ‘biggest blunders in banking history’ – 7NEWS.com.au
‘How was work today honey? It was OK, except I accidentally sent $900m out to people who weren’t supposed to have it.’
After committing one of the biggest blunders in banking history, Citibank wont be allowed to recover the almost half a billion US dollars it accidentally wired to lenders of make up brand Revlon.
Citibank, which was acting as Revlons loan agent, meant to send about $US8 ($10.35) million in interest payments to the cosmetic companys lenders.
Instead, Citibank accidentally wired almost 100 times that amount, including $US175 ($A226) million to a hedge fund.
In all, Citibank accidentally sent $US900…
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