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In this video we go over the story of Citibank accidentally paying out $900 million and not being able to get it back.
#WallStreetMillenial
Check out our second channel WSM Research:
https://www.youtube.com/channel/UCQUOscigSQWCVG8m-ZC8wiw
Follow us on TikTok: https://www.tiktok.com/ @wall_street_millennial?lang=en
Follow us on Instagram: https://www.instagram.com/wall_street_millennial/
In this video we go over the story of Citibank accidentally paying out $900 million and not being able to get it back.
#WallStreetMillenial
They just failed
Why would you outsource such a strategic procedure and be open to this type of communication error?
It’s Citi’s fault for hiring incompetent companies to implement their processes. This will probably happen again!
Finest 'oh crap' moment in history.
Looks like Citi will get most of the money back per a legal judgement… shame, it would have been delicious if the lenders got away with it.
The Scammer on the end of that transfer is genius ….
We all know Nigerians can pull this one off…..
Blame the Indians SHEEESH
If you as a person keep the money you go to jail immediately…
It wasn't a mistake.
CITIBANK LA IS A RACIST BANK…
I want to know if the citi employee was fired?
They should have sent the FBI!😂😂😂
Emm… citi haven't lost the money yet right(well, at the time of the incident, I dunno about now, too lazy to look up). Won't this be effectively a loan transfer so that now citi holds the account loan?
If the bank fucks up why doesn't the bank get charged? You should get to keep it and the bank should have a loss.
I'm betting the workers from India didn't speaka da English very well. Serves Citi right.
I would argue it would be dependant on terms of the debt issuance. If the terms allowed early repayment, it wouldn't be unjust enrichment or theft (which are very different). If the terms specified that repayment of the debt would not be repaid until 2023 under no circumstances, it would be a bank error and be subject to return.
I was enjoying this channel and was about to subscbribe – but after this clickbait no thanks. Bye 🙂
Thank you Wall street Millennial
$SRNE to the moooon
Indian processing firm. Says it all. Inside job. Hello!
An organisation that requires six checks is incompetent. It requires two.
Disgusting and pathetic 🙄🙄rubbish!
Great channel…Why do I get so many CIBC ads?…They are the worst bank.
Make it back with them stonks🤡
They were assured through KPMG. How embarassing! lol
That NAFTA Agreement has really fucked some people up.
They arent the smartest people nowadays at C. Real lightweights compared to GS/MS/JPM
I see second video from this channel with title not precise / exaggerating.
Mixed feelings.
How can you make financial videos and later in the vid it turns out the situation is not quite like the title of the vid says.
The irony…
Nice videos, but those titles…
repeated themselves a lot in this video
Imagine wiring to the average joe
I wouldn't give it back either
Hands up everyone who feels sorry for Citibank.
Why are you fuckers blaming it on Wipro?
Its Citi's fault. They wanted to outsource such vital process without monitoring and not having sound Risk Management policies.