Citigroup Inc. (C)

Fantastic job on restructuring. Cheapest valuation of the group. ROE is picking up.

He'd probably pick Citi. Slimming down its foreign operations. CEO doing good job with the turnaround. Very reasonable valuations, close to book value.

SAN is a good bank and well managed. Lots of exposure to Latin/South America and to Europe. The one to pick if you were really intent on international exposure. More volatile, as the economies it's in tend to be more cyclical.

More to go? Yes. Record revenues last quarter, operating leverage looked good. Despite the run, still only 9x PE. He models 16.4% growth.

He likes US banks. Citi is still in turnaround as the CEO does a terrific job. The discount to peers will close as return on equity improves. The May 2026 investor day will be a major catalyst.

Money-centre banks are advantaged structurally to the regionals. Buying this one might preclude you from buying a better one. The best bank in the world is JPM. But you'll probably do fine with either one.

Not as cheap as it was. Management is first-rate, completed a wonderful turnaround. Expects more buybacks, which will increase EPS. Credit book is very good. Loves its FICC business. Very big international footprint. Very well capitalized. Definitely hold. Sees upside.

They reported a good quarter: 8% revenue growth, 35% EPS growth and 14% net interest income growth (best among the banks) YOY. It remains much cheaper than its peers. Shares declined today along with all banks (and a down market). It's too cheap to ignore.

It reports Wednesday. It's done from ugly duckling to beautiful swan, but the analysts haven't caught up to their numbers. So, Citi keeps surprising to the upside. We get the upside estimate revisions, then the stock flies.

Generally speaking, likes US financials. Stock's done well. Great technical chart. Price to book ratio still pretty reasonable at 1.12x. Lower oil prices would be beneficial to the consumer, resulting in lower loan losses for all the banks. Likes it, but likes others a bit more.

Instead, he owns GS. See his Top Picks.

It's had a good year, long overdue, up 66% this year. By far is the cheapest among peers in PE, book value and dividend yield. Cheaper because profitability is less, however, the CEO is increased profits steadily in recent years and close the gap with peers.

Probably the cheapest of the big money-centre banks in the US, trading below book value. Going through a lot of changes.

It's leaning into high-growth areas of investing banking and wealth management as it controls costs. Is hitting 52-week highs. He expects news this week that they will get out of regulatory hot water. 

When he bought it, there was a revolving door in the C suite, and had too much international business. The new CEO sold much of that foreign business. They went from trading at 70% of book value to 90%. Will benefit from a steepening yield curve. He see $7.60 earnings this year and $9.50 in 2026.

Not trimming. Just beat and raised on latest quarter. All segments showing growth. Cost-cutting story combined with improving macro. Executing on its transition. More in the tank.

It was under-owned and cheaper than it should be when they bought it. It is a transformational story with tailwinds for banks coming along. Has a good growth rate at 10X. Still good to buy.