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
