Citigroup chief executive officer Jane Fraser said the US banking system remains in solid shape despite the demise of Silicon Valley Bank and Signature Bank of New York in the past two weeks and a subsequent swoon in bank stocks.

“This is not a credit crisis,” Fraser said at the Economic Club of Washington, D.C., on 22 March, as reported in a Reuters video. “This is a situation where it’s a few banks that have some problems, and it’s better to make sure that we nip that in the bud.”