Citigroup CEO says ‘this is not a credit crisis’ after U.S. bank failures

Citigroup Inc chief executive officer Jane Fraser expressed confidence in the U.S. banking system after a series of U.S. bank failures rattled investors and fueled turmoil across global financial markets.

The banking sector is “pretty sound,” despite high-profile bank closures, Fraser told the Economic Club of Washington D.C. “This is not a credit crisis,” she said.

The fourth-largest U.S. lender is not interested in buying beleaguered First Republic Bank, Fraser added.

Citi was one of 11 major banks to contribute a combined $30 billion in deposits to First Republic last week to help it buy more time to restructure, she said.

Major US banks inject $30B to rescue First Republic Bank