First Republic's rescue by JPMorgan means the worst of the banking uncertainty is over, Citi CEO says
"It's always a sad day when you see a bank fail but we are all very pleased to get the major source of uncertainty that was remaining from the recent bank turmoil addressed, and that is a good thing because fundamentally the US financial system is sound," she told"This is a case of a small handful of banks that were poorly managed, and getting this addressed is very important," she added.
The rescue deal came after First Republic's first-quarter results showed customers had yanked over $100 billion worth of deposits in the three months ending March 31, afterFraser said that she's now"more optimistic" about the health of the banking sector, although she believes there could be more mergers in the future as it becomes harder for smaller lenders to compete.
will rise," she told Bloomberg."But I don't think that brings into question a system that is the envy of the world." Citi itself played a role in the rescue of First Republic as one of theinto the California lender on March 16 to help it weather a tidal wave of withdrawals.
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