Top Stories Today

Citigroup

Citigroup mistakenly credited a customer with $81 trillion instead of $280 last April, as reported by the Financial Times, with the error going unnoticed by two employees before a third flagged it nearly 90 minutes after processing. The transaction was corrected several hours later, with no funds leaving the bank. The mistake, part of a pattern of operational lapses, was reported to regulators. Citi has faced scrutiny for risk management issues, receiving multiple fines, including $136 million last year and $400 million in 2020. The bank says it is increasing investments in compliance and technology to address these concerns.

Skype

Microsoft is shutting down Skype on May 5 after more than 20 years, shifting its focus to its Teams platform. The once-popular internet calling service, which revolutionized global communication in the early 2000s, struggled to compete with modern alternatives like Zoom and Slack. Skype’s technology was not well-suited for the smartphone era, and during the pandemic, Microsoft prioritized Teams by deeply integrating it with its Office suite for corporate users. Skype users will be transitioned to Teams with their contacts and chats intact. Despite its decline, Microsoft acknowledged Skype’s role in shaping digital communication, marking it as another discontinued product alongside Internet Explorer and Windows Phone.

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