Citigroup Inc CEO Jane Fraser on Wednesday expressed confidence in U.S. banks after a series of closures rattled investors and fueled turmoil in global financial markets.
Citi, the fourth-largest U.S. lender, 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.
Fraser said Citi is not interested in buying First Republic and expects to get paid back the $5 billion of uninsured deposits her company contributed to the lender, which was intended as a mark of confidence."We usually try and kill each other in different deals that we're trying to do," Fraser said. "But in this instance, this is one where we're in a strong position, we want to stop what could have been a problem.
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