The two megabanks that lagged competitors over the course of the bull market run of the past decade, Wells Fargo (NYSE: WFC) and Citigroup (NYSE: C), are outperforming thus far in 2023. Wells Fargo's stock price is up about 13.8% year to date, while Citigroup was up about 14.2%.

Which of these two banks is the better buy for investors?

Wells Fargo, the fourth-largest bank in the U.S. with about $1.9 trillion in total assets under management, has been dogged by regulatory problems over the past several years. There was a massive fake accounts scandal that was first reported in 2016, and more recently, just in the fourth quarter of 2022, the bank was hit with a $3.7 billion fine by the Consumer Financial Protection Bureau for widespread mismanagement of auto loans, mortgages, and savings accounts.

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Source Fool.com