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'Big Short' Steve Eisman says he is betting against Wells Fargo at conference

Evelyn Cheng
Katie Rooney | CNBC. Steve Eisman, a fund manager at Neuberger Berman, said Thursday he is betting Wells Fargo shares will go down, while Citigroup shares will rise.

Steve Eisman, a fund manager at Neuberger Berman, said Thursday at a conference he is betting Wells Fargo

(NYSE: WFC)

shares will go down, while Citigroup

(NYSE: C)

shares will rise, according to the conference organizer.

A Neuberger spokesperson also confirmed Eisman's comment to CNBC.

Eisman famously bet against the housing market by shorting U.S. banks ahead of the financial crisis, which was depicted in the movie "The Big Short." In May, Eisman said on CNBC's "

Fast Money

" that he is

now investing in "a whole bunch of banks and investment banks"

and specifically mentioned Citigroup.

Eisman was speaking Thursday at Capitalize for Kids, an investment conference in Toronto, Canada, whose proceeds go towards helping solve challenges in children's brain and mental health. A person with the conference confirmed the long Citi, short Wells Fargo presentation in an email to CNBC.

Wells Fargo shares are down nearly 3 percent for the year, among the worst performers in the S&P 500's financials sector. The bank reported a

revenue miss in the third quarter

and is struggling to recover from a consumer sales scandal that broke last year. Shares were little changed, about 0.3 percent higher, late Thursday morning.

In contrast, Citi shares are up nearly 22 percent this year as one of the best performers in the S&P financial sector. Shares fell 1 percent Thursday amid a broad market decline.Financial stocks overall are up more than 12 percent this year.This is a breaking news story. Please check back for updates.

Steve Eisman, a fund manager at Neuberger Berman, said Thursday at a conference he is betting Wells Fargo

(NYSE: WFC)

shares will go down, while Citigroup

(NYSE: C)

shares will rise, according to the conference organizer.

A Neuberger spokesperson also confirmed Eisman's comment to CNBC.

Eisman famously bet against the housing market by shorting U.S. banks ahead of the financial crisis, which was depicted in the movie "The Big Short." In May, Eisman said on CNBC's "

Fast Money

" that he is

now investing in "a whole bunch of banks and investment banks"

and specifically mentioned Citigroup.

Eisman was speaking Thursday at Capitalize for Kids, an investment conference in Toronto, Canada, whose proceeds go towards helping solve challenges in children's brain and mental health. A person with the conference confirmed the long Citi, short Wells Fargo presentation in an email to CNBC.

Wells Fargo shares are down nearly 3 percent for the year, among the worst performers in the S&P 500's financials sector. The bank reported a

revenue miss in the third quarter

and is struggling to recover from a consumer sales scandal that broke last year. Shares were little changed, about 0.3 percent higher, late Thursday morning.

In contrast, Citi shares are up nearly 22 percent this year as one of the best performers in the S&P financial sector. Shares fell 1 percent Thursday amid a broad market decline.

Financial stocks overall are up more than 12 percent this year.

This is a breaking news story. Please check back for updates.



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