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#Euro stock ‘flash crash’ triggered by Citigroup trader’s error

“Euro stock ‘flash crash’ triggered by Citigroup trader’s error”

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.

jane fraser
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.

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