I expected Citigroup C to issue a quarterly report that’s incomprehensible, but Jamie Dimon gets the palm. It’s why his bank sells at a premium to book value while Citigroup ticks at a deep discount. Even on normalized earnings, today, perhaps a nonexistent concept, Citigroup sells under 10 times earnings and JPMorgan in low teens. Investment and corporate banking numbers bettered the consumer sector which saw card revenues down 18%. JPMorgan does sell at a comfortable premium over book, but its numbers are no easier to unscramble than poor Citigroup.

Source: Forbes October 30, 2020 15:33 UTC