Bloomberg Law
March 23, 2023, 1:23 AM

Citi’s Fraser Warns Mobile Money Is ‘Game Changer’ for Bank Runs

Jenny Surane
Jenny Surane
Bloomberg News

Citigroup Inc. Chief Executive Officer Jane Fraser said mobile apps and consumers’ ability to move millions of dollars with a few clicks of a button mark a sea change for how bankers manage and regulators respond to the risk of bank runs.

Fraser said the fast demise of Silicon Valley Bank also made it difficult for banks to assess and prepare bids for its assets. Speaking just two weeks after the California-based lender collapsed under the weight of tens of billions of withdrawals by its venture capital clients, Fraser said her firm hopes a buyer will emerge in the coming ...

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