You know what would be funny? If an analyst who made himself famous by tilting at the windmills that are "Too Big To Fail" banks, renowned for gleefully excoriating their dangerous behaviors and poor decision-making, went to work for one of the biggest and most poorly-behaved SIFIs in all the land.
Mike Mayo has landed at Wells Fargo.
The Gods of Finance are some mercurial bitches. Putting the biggest troll in banking inside the most-trolled bank? Oh, baby, this is gonna be good. But now that Wells Fargo has shrunk to the second-biggest bank in the US, can it still fit Mike Mayo's ego?
In an exclusive interview with CNBC, Mayo called his hiring by Wells Fargo "a great fit." The often-outspoken analyst also said, "Wells Fargo is going to allow Mike Mayo to continue to be Mike Mayo."
Mike Mayo is going to be Mike Mayo because Mike Mayo only has one gear, and that gear is Mike Mayo. So sayeth Mike Mayo.
It needs to be asked thought: If Mike is going to get his Mayo all over The Stagecoach, will we see some changes inside Wells Fargo? You know, like the kind that Mike Mayo asked for last year. For instance, will Federico Peña be removed from the board of directors?
Mayo on Monday called for the resignation of Federico Peña, who is the current head of the board's corporate responsibility committee. "This is not the way boards are supposed to work," he said.
And now that Mike is at Wells Fargo, will he be taking it easier on his frenemy Jamie Dimon? Will he gain perspective from life inside a SIFI and stop bashing Citi so hard? Will he finally comprehend the existential dread and perpetual ennui that lurks inside the fractured psyche of Brian Moynihan?
Mike Mayo might continue to be Mike Mayo but when he goes the full Mayo on one of his targets during an analyst call, don't be surprised if that sound you hear is a big bank CFO quietly chanting "One of us, one of us" over and over again until even Mike Mayo's voice is drowned out and carried away on the winds of irony.
Mike Mayo gets a new job [CNBC]