Citigroup reportedly plans to lay off an unspecified number of employees in March after cutting about 1,000 jobs this month.By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions .Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.The March layoffs are likely to involve ma ...

Core Viewpoint - Mike Mayo from Wells Fargo Securities emphasizes that Citigroup is his top pick due to a significant restructuring that he believes will yield long-term benefits for the company [2][4]. Citigroup - Citigroup is highlighted as having a strong global payments business that processes $5 trillion daily, alongside being a top player in investment banking and credit cards [3]. - Despite a year-to-date stock increase of approximately 44%, Citigroup still faces challenges with low returns and regulatory issues [4][5]. - Mayo expresses concern over CEO Jane Frasier receiving a retention bonus before achieving double-digit returns and resolving regulatory matters [5]. JP Morgan - JP Morgan is noted for its substantial market capitalization, already exceeding $800 billion, with expectations to reach a trillion [6]. - The bank's significant investment in technology, amounting to $18 billion annually, is compared to the total expenses of the fifth largest bank, underscoring its competitive advantage [7]. Bank of America - Bank of America is preparing for its first investor day in 15 years, with expectations to announce new return targets between 16% and 18% [8][9]. - The bank's stock has underperformed compared to peers due to weaker performance in its wealth management business [11]. - Mayo anticipates that the upcoming investor day will help Bank of America re-establish its position as a leading player in the market [12].