Citi regulatory costs likely already known, says Wells Fargo

Wells Fargo analyst Mike Mayo recommends buying shares of Citi on any weakness stemming from the Reuters report of the bank being in non-compliance with regulation orders. The firm still expects Citi to have the best one- and three-year operating leverage among banks even with the costs to resolve these issues. The costs to fix these problems are likely already known, the analyst tells investors in a research note. Wells keeps an Overweight rating on the shares with a $70 price target.