Trader Karen Finerman currently has more exposure to Bank of America than Citigroup. She will consider changing that weighting after Wednesday's results, she said.
Citigroup said it gained Fed approval for a buyback of up to $7.8 billion in common stock starting in the second quarter of this year. Its shares were up almost 3 percent in extended trading on Wednesday.
Trader Guy Adami looked to "cleaner" banks that have shown "slow and steady growth." He flagged Wells Fargo and U.S. Bancorp in particular, saying that they had room to climb.
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Wells Fargo and U.S. Bancorp hovered around $54 and $44, respectively, in after-hours trading on Wednesday. Both banks were cleared for dividend increases.
A more expensive name, Goldman Sachs, may also rally in the short term, Adami said. The stock could surge into April, when the bank is expected to report its first-quarter results.
Tim Seymour is long T, BAC, C, DIS, F, GE, GM, GOOGL, INTC and SUNE. Tim's firm is long BABA, BIDU, MCD, NKE, NOK and SBUX.
Brian Kelly is long BTC=, U.S. dollar, GLD, CTRL calls, HYG puts, BBRY, BBRY call spreads and TLT. He is short EWA, EWG, EWQ, EWZ, EWW, JJC, Australian dollar, British pound, Canadian dollar, euro, yen and yuan.
Karen Finerman is long BABA, BAC, C, FINL, FL, GOOG, GOOGL, JPM, M and KORS. She is short DIA. Her firm is long AAPL, BAC, C, PLCE, CMLS, DIS, FINL, FBT, FL, GOOG, GOOGL, IBB, JPM, M, KORS, XBI, SUNE and URI. Her firm is long calls GPS and URI. Her firm is short MOY, IWM, SPY and USO. Karen Finerman is on the board of GrafTech International.
Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck.