The CEO of America's largest bank said that private credit won't crash the banking system, but a credit cycle will be worse on the economy than people expect.

Israel Velasco, who is slated to become the head of the Puerto Rican bank's U.S. subsidiary, will be charged with helping to implement the company's new strategic framework.

The San Francisco-based banking giant reported increased earnings and continued benign credit conditions, but net interest income fell short of Wall Street's expectations.

During the bank's first-quarter earnings call, Jane Fraser dismissed a recent report that Citi is entertaining the idea of buying a large U.S. regional bank.

Key Virtual Card builds on the bank's relationship with payments and card issuing infrastructure fintech Qolo and looks to compete with rivals such as Ramp, Airwallex and Brex that have been aggressively going after banks' corporate clients.

The credit card company has issued a developers' kit to perform AI agent verification and aid merchants and shoppers, and is working with agentic AI protocols from other technology companies.