Citigroup is a global financial services corporation headquartered in New York City. It is one of the largest banking institutions in the world, providing a wide range of financial services, including investment banking, consumer banking, credit cards, and wealth management. Citigroup operates through various subsidiaries and offers services to individuals, corporations, governments, and institutions. The company was formed in 1998 through the merger of Citicorp and Travelers Group, reflecting a diverse array of financial products and services. Citigroup’s operations span across several countries, making it a significant player in the international banking landscape. The corporation is known for its extensive network and innovations in financial technologies.
Mistakes involving large sums can lead to potential financial catastrophes, highlighted by Citigroup's $81 trillion error. The incident was detected within ninety minutes and corrected swiftly without any funds leaving…