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Citigroup’s Fat-Finger Trade Seen Costing Bank More Than $50 Million

  • Bank still tallying loss that may swell on flash crash blunder
  • Trade from home dealt fresh setback to Citi’s repair efforts
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WATCH: Citi may record losses of at least $50 million following a staffer’s fat-finger trade that caused a flash crash in European stocks last month. Source: Bloomberg

Citigroup Inc. may record losses of at least $50 million following a London staffer’s fat-finger trade that caused a flash crash in European stocks last month, according to people familiar with the matter.

The bank is still tallying losses from the mistaken trade and the final figure could balloon higher, one of the people said, asking not to be identified discussing a private matter. A trader in the firm’s Delta One trading unit in London was working from home during a bank holiday on May 2 when the person incorrectly added an extra zero to a trade early in European market hours, said the people.