CEO of Citi speaking – talking up bank deposit safety | Forexlive

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