- 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.
