Citigroup CEO Jane Fraser Assures Stability of Banking System Amid Turmoil.
TL;DR Summary
Citigroup CEO Jane Fraser expressed confidence in the soundness of the US banking system and the well-capitalization of large and regional banks. She praised the quick action of US regulators in avoiding a broader crisis and highlighted the unprecedented show of unity among banking behemoths to shore up First Republic. Citigroup contributed $5B to First Republic as a sign of confidence and expects it to be paid back. Fraser also announced that Anand Selva, the head of consumer banking operations, will serve as the company's COO.
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