Citigroup ( C): This bank has been on a roll since appointing a real banker, Mike Corbat, to take over as CEO from Vikram Pandit. I don't mean this as a slight to the former hedge fund manager, but the change has greatly improved the sentiment on the stock. In addition, the bank just received permission to do a $1.2 billion stock buyback from the Fed. It also has the most international exposure, including to Asia, of any of the major banks. Trading at 9x 2014's projected earnings and selling at less than 80% of book value, the stock is cheap The bank is on track to produce significant efficiency gains under the new CEO and I believe it will also be able to resume prefinancial crisis dividend policies over the next few years.At the time of publication, Jensen was long BAC and C.
Banking on a Pair of Comebacks
Mar 23, 2013 | 08:00 AM EDT
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