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$50 million hit to Citi, another victim of the 'Fat-Finger Trade'

Bank still tallying loss that may swell on flash crash blunder
Updated: Sep 02, 2022 10:53
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EJ Biz Desk

$50 million hit to Citi, another victim of the 'Fat-Finger Trade'

All it was, was an extra zero that spiralled into ballooning losses for global trading giant Cit, as per reports the 'fat-finger' trade executed on May 2 may cost the financial institution $50 million.

Bloomberg reports that Citigroup may record losses of at least $50 million following a London staffer’s erroneous trade that caused a five-minute selloff in European stocks and wreaked havoc in bourses stretching from Paris to Poland and wiping out 300 billion euros ($322 billion) at one point.

Also read/watch| Tata Motors overtakes Hyundai to become India’s 2nd leading car market

Even though large financial institutions have systems in place that break up large orders and they go through algo scrutiny, in this case the system seems to have failed as the trades went through.

Citigroup however continues to be in talks with regulators as per reports to able to minimise the loss on books.

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