A brief-but-steep drop in European stocks on Monday was triggered by a Citigroup trader’s input error, the banking giant said.
The so-called Flash Crash, which tanked the Stockholm benchmark index OMX 30 more than 8% in the span of a few minutes, temporarily halted trading Monday around 8 a.m. GMT after stocks abruptly dipped.
Citigroup, headed by Chief Executive Jane Fraser, took the blame for the short-lived jolt to the markets.
Citi CEO Jane Fraser has helmed the bank since February 2021. Bloomberg via Getty Images“On Monday, one of our traders made an error when inputting a transaction,” a Citigroup spokesman said in a statement. “Within minutes, we identified the error and corrected it.”
Despite Citi taking the fall, stocks still finished the day nearly 1.8% lower in part because various holidays across the globe thinned trading volume and also because of disappointing economic data from Germany and China.
European markets were mixed Tuesday.
