Citigroup Inc. said on May 2 that a so-called “flash crash” in European stock markets occurred when one of its traders made an error.
The acknowledgment came just hours after the stock market experienced an extremely rapid decline in the price of a number of assets, something that traders often refer to as a “flash crash” and which is caused by human error.
That swift decline prompted trading in several European markets to be briefly suspended. At its peak, the incident wiped out 300 billion euros ($315 billion) from the market within just minutes.
“This morning one of our traders made an error when inputting a transaction. Within minutes, we identified the error and corrected it,” the New York-based bank said in an emailed statement to Fortune.
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