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Benzinga
Benzinga
Business
Anusuya Lahiri

Citi's Fat-Finger Gaffe Could Cost It Over $50M

Citi NYSE London
  • Citigroup, Inc (NYSE:C) could cough up losses of over $50 million following a London-based worker's fat-finger trade, causing a flash crash in European stocks in May, Reuters reports.
  • Citi is still tallying losses from the erroneous trade, and the final figure could further mount.
  • A trader in the London's Delta One trading unit mistakenly punched an extra zero to trade early in European market hours while working from home during a bank holiday on May 2.
  • The gaffe triggered a five-minute selloff in the OMX Stockholm 30 Index rand, wiping out €300 billion ($322 billion) at one point.
  • Citi is investigating how its algorithms enabled erroneous trades.
  • Citi is in discussions with regulators and exchanges regarding the gaffe. 
  • Citi is amid a years-long overhaul of many of its underlying technologies and systems to improve its internal controls. 
  • Price Action: C shares closed higher by 0.08% at $52.43 on Thursday.
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