Mike Mayo: I think what I hear UBS saying in their presentation is, if I’m an affluent customer, I’ll feel a lot better going to UBS if they have a 13 percent capital ratio than another big bank with a 10 percent ratio, do you agree with that or disagree? Jamie Dimon: So you would go to UBS and not JPMorgan? Mike Mayo: I didn’t say that, that’s their argument. Jamie Dimon: That’s why I’m richer than you. [BloombergTV]
Back in October when Mike Corbat was dragged from bed in the middle of the night to take over the top job at Citigroup after Vikram Pandit’s ouster, he did a hastily assembled damage-control conference call while still wearing his footie pajamas. On this call CLSA analyst Mike Mayo surprised Corbat by asking him a softball interview question, namely: tell me how you want your tenure as CEO to be measured in five years. Corbat’s response – and here I’m quoting from memory – was “Wait, I’m the CEO? Crap. Let me get back to you on that.”
Corbat may have forgotten that promise, but Mayo did not, and he asked the question again yesterday – on Corbat’s first earnings call as Citi CEO – and got in reply maybe the single best sentence a bank CEO has ever said:1
Mike Mayo – CLSA
And then for Mike, I asked this question when you first got the CEO job. If in five years from now you were to look back at your performance, what would you want to see to show that you were successful?
Mike Corbat – CEO
I think probably going back to your first line of questioning, we’ve got to get to a point where we stop destroying our shareholders’ capital. I would say that would certainly be at the top of the list, that we run a smart and efficient business that’s good at its allocation of its resources around its customer and client segments, that it’s continued to have the ability to lead in a company those clients around the world, that it served the social purpose. There’s several things in there.
This seems a little unfair! Read more »
Because he’s had some previous success putting bankers on deadlines for complying with his demands and because he has had it up to here with financial regulators and the companies they supervise, both of which have been dragging their heels since Dodd-Frank was passed, CLSA analyst Mike Mayo appeared on CNBC today to issue a message: The time for thumb twiddling is over. Move your asses, NOW, or he’ll move them for you. Read more »
Especially when he’s working his ass off to make this company big money and no one seems to give a baker’s damn. Here’s a tip from the Mayo Jar: When Fortune All-Star Analysts talk, you listen. Read more »
Is Mike Mayo the most powerful man on Wall Street, able to bend CEOs and bank chairmen to his will with the greatest of ease? If you’d asked earlier this week or even yesterday we would have said, “Well he does have a varsity analyst jacket but eh.” Today? The answer is we have no idea but Dick Parsons is certainly helping make that case by not only complying with Mayo’s demands but doing so on his specified time schedule. [WSJ, Earlier: “I think that Parsons should leave in the next two weeks,” said Mayo on Feb. 23]
For the last several years, Mike Mayo has had a fairly contentious relationship with Citigroup. Since telling investors to pull their money and run in October 2007, he’s warned people the bank is not to be trusted, detailed what he believes are Vikram Pandit’s cruel and unfeeling ways, and bitched about the fact that their ATMs still require you to use envelopes for deposits. Most recently Mayo took aim at Citi chairman Dick Parsons and while he gets points for dramatic effect, one can’t but help feel that a certain other analyst would’ve made more of a ripple. Read more »
For Valentine’s Day this year, Fortune put together a slideshow of various executives, analysts, fund managers, and disgraced AIG CEOs posing with their one true loves– their dogs. For the big names who missed the deadline to submit photos, fear not– this feature is clearly going to become an annual thing. For those already mentally directing a photoshoot of yourself and Jamie the Younger, maybe running down Park Ave or shooting hoops at the Garden, you might first consider looking to this year’s pioneering efforts for inspiration.
For instance, in addition to putting your love for each other on display, why not use the opportunity to showcase your credentials, as “Fortune All-Star Analyst” Mike Mayo does here? Read more »
That’s Interesting, Because Just The Other Day, Vikram Pandit Was Telling Someone That He’d Rather Hear Alec Baldwin’s Opinions On Airplane Etiquette Than Mike Mayo’s On How To Run A BankBy Bess Levin
As those of you who keep up with the trials and travails of Wall Street’s celebrity analysts know, Citigroup has not always had the best relationships with these sensitive and highly-strung individuals. At one time or another, Meredith Whitney, Dick Bové, and Mike Mayo have all had their emotions toyed with and, particularly in the case of the men, have not responded well. Bové got drunk and sent out a mass email detailing the ways in which Citi defiled her and treated her like a cheap whore not deserving of respect and a couple years back, Mike Mayo went public with his own drama, wherein he and Vikram went from being super close in 2007 to the Citi CEO going radio-silent. FOR NO REASON. FOR TWO YEARS. Read more »
The Logical Conclusion Here Is That Mike Mayo Occupies Himself During Lesser Analysts’ Conference Call Questions By Rubbing Baby Oil On His PecsBy Bess Levin
Area Hedge Fund Manager Pretty Sure Wall Street Protesters Are Just Looking To Rub Up Against Each Other And Score DopeBy Bess Levin
What do top financial services employees think of the month-long protests headquartered in Zucotti Park, which took over Times Square over the weekend? So far the most vocal people have expressed support for the movement, like Jim Chanos, who said, “New York is so finance-centric that people here underappreciate the reaction of the rest of the country” and that OWS shouldn’t be underestimated; Larry Fink, who told reporters, “I believe we should not turn our backs on these protests…Maybe we will get some balance”; Jamie Dimon, who told those listening to the JPM conference on Thursday, “I do vaguely remember the First Amendment that it is legal to demonstrate and it is completely fine. You should listen and not just have a knee-jerk reaction”; and Vikram Pandit, who in addition to saying that “trust has been broken between financial institutions and the citizens of the US,” told protesters he’d love to chat over the phone. With the exception of John Paulson, however, who last week issued a statement telling protesters to 1) beat it and 2) thank their lucky stars that as the founder of a ‘most successful business‘, he chose to set up shop in New York, most financiers with less then charitable feelings have kept their feelings to themselves, fearing retribution from the anti-Wall Street group. Until now. Read more »