Last year, Citigroup accidentally put $81 trillion into a customer’s account instead of $280. The error was noticed by two employees 90 minutes later and fixed. The bank reported the mistake to the government as a “near miss.” Citigroup has had other problems recently, including sending $900 million by mistake five years ago. The bank’s new CEO, Jane Fraser, is working on improving things. Last year, Citigroup was fined $136 million for not making enough progress. The bank has had 10 near misses of $1 billion or more in the past year. These are mistakes that the bank catches and fixes before any harm is done. Citigroup is trying to fix its problems and make sure they don’t happen again.
Vocabulary List:
- Mistake /mɪˈsteɪk/ (noun): An action or judgment that is misguided or wrong.
- Accidentally /ˌæksɪˈdɛntəli/ (adverb): In a manner that is unintentional or unexpected.
- Progress /ˈprəʊɡrɛs/ (noun): Forward or onward movement toward a destination.
- Fixed /fɪkst/ (verb): To repair or resolve a problem.
- Improving /ɪmˈpruːvɪŋ/ (verb): Making or becoming better.
- Reported /rɪˈpɔːrtɪd/ (verb): To give a spoken or written account of something observed or done.
