A total of 10 near misses of $1 billion or more occurred at Citigroup in 2024, down from 13 in 2023, according to the Financial Times report. The errors at Citigroup highlighted how the Wall Street bank grappled with operational glitches nearly five years after it mistakenly remitted $900 million to creditors engaged in a contentious battle over the debt of cosmetics group Revlon that led to the firing of then-CEO Michael Corbat, massive penalties and regulatory consent orders. Citigroup had to pay a penalty of $136 million in 2024 to the Office of the Comptroller of the Currency (OCC) and the Federal Reserve for inadequate data management progress despite CEO Jane Fraser prioritizing Citigroup's regulatory issues. In 2020, the Federal Reserve slapped a penalty of $400 million on Citigroup due to its longstanding deficiencies. Recently, Warren Buffett's Berkshire Hathaway Inc BRK BRK sold 74% of its stake in Citigroup.