Mike Mayo Can’t Believe He’s Saying This, But Citigroup’s Not Looking Like Such A Joke These Days

As those of you who’ve been with Citigroup since at least 2007 know, analyst Mike Mayo has never really had any very nice things to say about the bank. If you haven’t committed all of his comments and research reports to memory, or had them printed and stored for posterity in leather-bound books, a brief history of Mayo’s relationship with the institution include:

Sure, Mayo was pretty pleased when the board threw his arch-nemesis, Vikram Pandit, out in the middle of the night, and even said he was going to give the bank a chance to prove itself to him under the new leadership of CEO Mike Corbat. But nobody actually thought he’d start having good thing to say about the place, which is why the Mayo Jar is as shocked as you to be offering this:

CSLA analyst Mike Mayo, who is also one of Citi’s harshest critics, claims Corbat has the bank headed in the right direction despite reporting disappointing third-quarter results on Tuesday. “Nobody’s been more negative on [Citi] than me,” said Mayo, who has locked horns with Citi officials including ex-CEO Vikram Pandit. “But I can say that Citi is now more on the right long-term track than at anytime in the past decade.”

Chilling, but let’s try not to read too much into it. You have permission to officially start freaking out when this one starts giving them the time of day.

CEO has Citigroup ‘on the right long-term track’: analyst [NYP]

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11 Responses to “Mike Mayo Can’t Believe He’s Saying This, But Citigroup’s Not Looking Like Such A Joke These Days”

  1. guest says:

    Nice jacket.

  2. Hobbes says:

    I think Mike Mayo had a bad experience with Count Chocula as a kid. Now that the Honey-Nut Cheerios bee is running the show, he's a fan again.

  3. Equity Research MD says:

    What do I have to do to get Bess to memorialize my research like this?

  4. D Sipper says:

    When Mike Mayo rocks he rocks the fudge slippers.

  5. Guest says:

    If Meredith were around, she'd be seconding this. If only she could have held out another month.

  6. Guest says:

    I can't believe my eyes. What's next from him? Brian Moynihan is a Master of the Universe?

  7. Left eyebrow cocked says:

    Citi? Doing well? That's why I'm richer than you.