On October 16, 2013, Mike Mayo wrote the following in a report to clients: “Citi is now more on the right long-term track than at anytime in the past decade.” It was a remarkable line because, as Mayo himself noted, “nobody’s been more negative on [Citi] than me.” That negativity has included:

But five months without demanding a senior exec pack up his things leave is a long time, far long enough some might say, so now this is happening:

Citigroup CFO John Gerspach needs to go after “three strikes,” CLSA bank analyst Mike Mayo told CNBC on Thursday, a day after Citi flunked the Fed’s “stress test.” “So, the question for Citigroup is: Who is going to be held accountable at Citigroup? And I’m not talking about someone way far down the totem pole. I’m talking about who with the public face to investors, to shareholders, is going to be held accountable for this mishap at Citigroup,” he said. On Wednesday, the Federal Reserve rejected Citigroup’s capital plan and barred it from increasing both its dividend and stock repurchases.

On CNBC’s “Halftime Report,” Mayo took direct aim at Gerspach’s track record. “Well, it’s baseball season, and three strikes, you’re out. So, I think it’s John Gerspach, the CFO, needs to go. Citigroup needs to change the CFO, bottom line,” he said.

No more Mister Nice Analyst! Now get the fuck out of his ballpark.

Citigroup CFO John Gerspach must go: Mike Mayo [CNBC]

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

2 comments (hidden to protect delicate sensibilities)
Show all comments ↓

Comments (2)

  1. Posted by Quant me maybe... | March 27, 2014 at 7:27 PM

    An you Mike, need to iron your shirt.

  2. Posted by Oceanografia CEO | March 28, 2014 at 6:27 AM

    Are you saying a $400mn write-off led to Citi failing the stress test?