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They didn't lose anything, they were FINED $7m for submitting incorrect reports. With the number of mergers that they have gone through it's not surprising they
by jonknee 10y ago
They didn't lose anything, they were FINED $7m for submitting incorrect reports. With the number of mergers that they have gone through it's not surprising they have trouble with company wide reporting.
- adamnemecek 10y agoEdited.
- josu 10y agoThis is the gist of it: "But in 1998, the company started using alphanumeric branch codes as it expanded its business. Among them were the codes 10B, 10C and so on, which the system treated as being within the excluded range, and so their transactions were removed from any reports sent to the SEC."
- jonknee 10y agoThe original title stated said "Citi lost $7m after legit transactions mistaken for test data". That was what the Register used too, but it's very misleading.