Citi CEO Jane Fraser is at a Washington Economics Club event

  • Says there are 'isolated problems' in banking industry
  • Major and regional banks are well capitalized by and large
  • Silicon valley bank had holes in balance sheet and concentrated client base
  • Very important to protect depositors
  • Social media is a 'complete game-changer' in bank runs
  • The banking sector is pretty sound
  • Says 'this is not a credit crisis
  • First Republic is actively working through challenges it's facing now
  • Deposits into first republic bank were aimed at buying time to help company restructure
  • First republic deposits were a mark of confidence in banking system
  • Expects to get deposits back from first republic
  • Not interested in buying first republic
  • Credit Suisse has had a lot of issues, management instability, crises
  • Says 'no one was hugely surprised' that UBS bought credit Suisse
Citi

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