Citi Is Top Bank Pick, Says Wells Fargo Analyst

Major US banks are set to report earnings within hours of each other. Wells Fargo analyst Mike Mayo says profits for the sector could rise 15 to 20 percent from last year. He credits strong Wall Street trading and growing commercial loans. Mayo, who heads US large-cap bank research at Wells Fargo, named Citigroup his top pick among the big banks. He spoke on Bloomberg Television’s “The Close” with Romaine Bostick and Katie Greifeld. Five of the six largest US lenders—JPMorgan, Citigroup, Wells Fargo, Bank of America, and Goldman Sachs—will release quarterly results this week.