Citigroup CFO John Gerspach needs to go after "three strikes," CLSA bank analyst Mike Mayo told CNBC on Thursday, a day after Citi flunked the Fed's "stress test."
"So, the question for Citigroup is: Who is going to be held accountable at Citigroup? And I'm not talking about someone way far down the totem pole. I'm talking about who with the public face to investors, to shareholders, is going to be held accountable for this mishap at Citigroup," he said.
On Wednesday, the Federal Reserve rejected Citigroup's capital plan and barred it from increasing both its dividend and stock repurchases.
Read MoreFed rejects Citigroup capital plan