Citigroup CEO dismisses credit crisis concerns amidst banking turmoil.

Citigroup CEO, Jane Fraser, has expressed confidence in the US banking system after a series of closures rattled investors and fueled turmoil in global financial markets. Fraser stated that the banking system is pretty sound and large and regional banks are well-capitalized. She also said that this is not a credit crisis, but rather a situation where a few banks have some problems. Citigroup was one of 11 major banks that threw a lifeline to First Republic last week in an effort to help it buy time for restructuring.