Long-time Citi critic Mike Mayo is jumping on the Citi bandwagon. The CLSA analyst upgraded Citi to outperform from underperform this morning saying the ousting of Vikram Pandit “seems to reflect a more proactive board and can improve poor governance.” Pandit resigned abruptly and has now been replaced by Michael Corbat. “We are taking Citigroup stock for a test drive,” Mayo says. Mayo says he expects a new three-year plan from Citigroup by March and places his bet that Chairman Michael O’Neill would have a role in shaping that plan and restructuring the bank based on his prior successes. [Deal Journal, related]
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