After failing the US Federal Reserve’s stress test, Citigroup Chief Financial Officer John Gerspach “needs to go,” said CLSA bank analyst Mike Mayo, who accused the bank of “running away from investors” after the negative news.
Three strikes and you’re out in baseball
“Citigroup needs to change the CFO, bottom line,” he said on CNBC. "John Gerspach, the CFO, was the chief accounting officer going into the financial crisis, when Citigroup had financial mishaps. Two years ago, Citi was turned down for its capital plan by the Fed. That's strike two. And then yesterday, being turned down again is strike three."
"Well, it's baseball season, and three strikes, you're out....
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