Mike Mayo Is Willing To Give Citi A Chance To Prove Itself To Him

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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 Pandit resigned abruptly and has now been replaced by Michael Corbat.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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Dick Parsons Actually Gives Mike Mayo What He Wants

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 us days ago 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 the demands of Mayo 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]

Mike Mayo Is Done Waiting For Everyone Around Him To Do Their Jobs

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