Citi’s $81 Trillion Near Miss!

Citi’s $81 Trillion Near Miss

Citi has informed the regulators that it mistakenly credited a client’s account with $81 trillion as opposed to the correct amount of $280. The error was missed by two employees but detected by a third who reversed the transaction. Apparently, an unusual manual screen was used to process the credit with fifteen zero’s prepopulated. The bank has disclosed 10 near misses exceeding $1 billion in the last twelve months!

Staley Takes FCA to Court

Next Monday will see the beginning of a court case involving Jes Staley, former CEO of Barclays and the Financial Conduct Authority. Staley was banned from working in financial services after misleading Barclays and the regulator as to his ongoing relationship with Jeffrey Epstein. He denies that he misled the regulator. The court case will see many prominent witnesses including Andrew Bailey, the Governor of the Bank of England and FCA CEO at the time.

FCA Looks for Policies to Ditch

The FCA is seeking to ditch policy proposals and is committing to launching fewer new initiatives during the next five years. The move follows the UK government’s call for regulators to cut the burden of bureaucracy.

Private Credit ETF Concerns

The Securities and Exchange Commission has voiced concerns about a State Street sponsored exchange traded fund. The fund invests in private credit and is managed by Apollo. The SEC is seeking clarification concerning liquidity and valuation matters.