Trader wipes £265billion off shares by accidentally adding extra zero to deal

[ad_1]

A trader accidentally wiped out £256 billion from the value of the shares by adding an extra zero to a deal.

Swedish shares fell eight percent within five minutes due to a broker’s “fat finger” mistake.

1

Simple error will cost Citigroup millionscredit: getty

Exchanges in Denmark, Norway, Germany, Italy and France also declined but posted losses.

The owners of Citigroup have put the businessman on leave.

The bank is expected to take a hit of at least £39.7million.

Citigroup believes the mistake was caused by human error, rather than the fact that the merchant was working from home.

It is in talks with regulators and exchanges regarding May Bank Holiday disturbances.

The error will raise questions on banks allowing merchants to work remotely.

Bono performed a surprise concert in Kyiv Metro in support of Ukraine
Brit club promoter, 26, found guilty of lynching co-worker in Ibiza

Citi CEO Jane Fraser has ordered thousands of employees to focus on improving risk systems.

In 2020, the firm blamed human error for wiring around £717million to a group of hedge funds instead of less than £6.3million interest payments.

A US judge called it “perhaps a banking error of unprecedented nature and magnitude”.



[ad_2]

Source link

Leave a Comment