Last quote by Mike Mayo
Mike Mayo quotes
I think this accelerates the transition from physical banking to virtual banking.
My takeaway is about the banking industry. You heard the phrase 'cross-selling mania' and 'cross-selling bubble' as it refers to the industry.
The clawback certainly hurt.
We believe Wells Fargo is bigger than the CEO, notwithstanding a good financial track record during his tenure, and there should be no more excuses for the lack of answers to key questions.
It would make crystal clear the absurdity of Citigroup stock trading at three-fourths of tangible book.
CEOs should be kept around a long time if they perform well, and not if they don't – just like any other employee at their companies.
Any bank with single-digit [return on equity] is a potential activist candidate. It comes down to efficient capital allocation.
They have taken a lot of steps, but it is not enough. Many investors have said, Amen' to what we have proposed.
This stake by ValueAct is an added insurance policy for investors. If Morgan Stanley's management team fails to meet their growth targets then certainly ValueAct will hold them to that.
It's not happening. I've covered this industry for three decades.
Glass-Steagall is not coming back. It can help people get elected – and I'm not even talking about the merits, I'm just not sure how you would actually implement it.
The idea interest rates stay lower for longer is not a new concept. Banks need to find an adequate plan B.
This is a real-world test that can help demonstrate the greater resiliency of banks' balance sheets and the benefits of de-risking that, while having hurt revenue this decade, should help incrementally in times such as this and show the relative strength of U.S. banks.
As bad as Brexit would be, it's not life-ending.
U.S. bank balance sheets are the strongest they have been in a decade.
This is the sort of environment that Jamie Dimon and JPMorgan live for: sluggishness in the environment, competitors feeling pain.