Citi boss blames banking crisis on a few black sheep: ‘This is not a credit crisis’

Citigroup boss Jane Fraser doesn't see systemic risks in the U.S. banking system. (Credit: Valerie Plesch—Bloomberg/Getty Images)

The current crisis in the banking industry can be blamed on a few black sheep that failed to properly manage risk rather than broader troubles in the system as a whole, the boss of Citigroup argued.

Jane Fraser, CEO of the third largest U.S. bank by assets, dismissed speculation the sector could see a repeat of the 2008 global financial meltdown.