Menu
Inshorts
For the best experience use inshorts app on your smartphone
inshortsinshorts
What is $900 mn Citibank case called 'one of the biggest blunders in banking'?
short by Pragya Swastik / on Thursday, 18 February, 2021
A loan administrative agent of Citibank mistakenly transferred $900 million to cosmetic company Revlon's lenders in August 2020 rather than interest payments totalling $7.8 million. Citi quickly realised the error, however, lenders thought that Revlon was repaying the loan early. While some lenders agreed to return the money, 10 chose to keep the money totalling approximately $500 million.
read more at Reuters