'Of all the US banks I have looked at this quarter so far Citigroup stands out as the cheapest/best value'.
This still appears to be the case as I noted on Twitter earlier:
$C tangible book value up 4.6% yoy vs 7% odd for $JPM & $WFC. Still pre-market up 2% on nos as $60 tangible BV vs 10-11% RoTe = value IMO
Probably the best interesting trend in the numbers referenced the fall in expenses (-18% Q3 yoy) but the rise in earnings before tax (EBT) of 12% over the same period. Yes, hardly classic growth conditions but reasonable enough given the backdrop. Note too the lack of loan/deposit growth which is different to the more ebullient Wells Fargo or even JP Morgan.
Using the above Twitter noted statistics a fairer value to me for Citigroup shares is in the lower US$60s or getting on for US$10 above the current share price. There is a relative lack of growth today...but note the embedded greater emerging market banking opportunity versus other big US banks. Citi for me remains the most interesting US bank to own (that I have reviewed so far).
Contrast this to Goldman Sachs where book value actually rose more...
Between the two names I think Citigroup is more persuasive.