Citibank’s “biggest ever banking blunder” now has Indian IT firm, Wipro, in the spotlight, according to an exclusive report by Moneycontrol. The report by Moneycontrol’s Dinesh Unnikrishnan and Chandra R Srikanth states that the global banking major relies on a so-called “six eyes” protocol for high-value transactions. As reported earlier, Citi Bank had mistakenly wired Revlon’s lenders around USD 900 …
Citibank acting as a loan agent to cosmetic company Revlon, accidentally transferred USD 900 million to the company’s lenders. Despite all this, there are rare cases where accidental money transfers happen either due to a bank’s error or on the part of customer. To avoid such incidents, a customer needs to thoroughly check the account details of the beneficiary and …
London CNN Business — Citibank has a big problem: It mistakenly wired roughly $175 million to Brigade Capital Management, and the hedge fund hasn’t returned the money. The US banking giant filed a lawsuit Monday in the Southern District of New York, seeking the return of funds that it said were transferred in an “operational mistake.” Citibank said in court …
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