A veteran banking and financial analyst says the US multinational bank headquartered in New York City remains his top stock pick.
In a new interview on CNBC’s Closing Bell, Wells Fargo analyst Mike Mayo said He says He is bullish on Citigroup (C) as the bank sees a major turnaround.
“I have been very critical of Citigroup for decades. Their old culture could be described as reckless, arrogant and complacent. I think the new culture is one of drive, accountability, transparency and, frankly, enthusiasm.”
He says the changes are largely down to the bank’s chief executive, Jane Fraser.
“The biggest, simplest, most powerful change is the move from 50 years of a global matrix, hybrid, spider web management structure with dual accountability and dual reporting – it was a mess, to this simple structure of five lines of corporate CEOs reporting to Jane. Jane Fraser is credited with that.”
Mayo says he sees a lot of upside for Citi, noting that the lender has shown some of its best top-line growth despite going through a restructuring.
“Jane Fraser didn’t get the Nobel Prize for rearranging the management structure in this way, but they have implemented existing plans and can execute them. There is still a lot of upside for Citigroup stock, and it remains my first choice… Citi is not assuming a lot of deregulation. Citi is doing generational restructuring at a time of generational deregulation.”
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