Two weeks after he said Citigroup's CFO "needs to go" following a failed stress test, CLSA bank analyst Mike Mayo said Tuesday that he's still looking for answers.
On a recent investor call, Mayo asked Citigroup CEO Mike Corbat, who "is accountable for the failed stress test and what (are) the consequences?
"I got half my answer, and half I didn't," Mayo said. "Half the answer that I got was the CEO said he's accountable. What does that mean? What are the consequences? So, I think what the CEO's doing is providing cover for his management team, so that makes the CFO, the chief risk officer, others safe for now. But if Citi fails the Fed's stress test a year from now, then there's the question of the CEO's job. …
"He's put himself on the line."