Mike Mayo gets a new job
- Mike Mayo, one of Wall Street's most outspoken analysts, has landed at Wells Fargo.
- Mayo was among the many analysts to lose their jobs when CLSA Americas closed its U.S. research offices in February.
- Mayo was very critical of Wells Fargo's former CEO, John Stumpf, after the bank was found to have opened accounts for clients without their permission.
Mayo was among the many analysts to lose their jobs when CLSA Americas closed its U.S. research offices in February.
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."
Diane Schumaker-Krieg, global head of research, economics and strategy at Wells Fargo Securities, said in a release that "Mike's stature in the industry is well-recognized. We are thrilled to have such an influential voice in this critical sector join our growing platform."
Mayo was very critical of Wells Fargo's former CEO, John Stumpf, after the bank was found to have opened accounts for clients without their permission. Stumpf resigned and more than 5,000 employees were fired.
After Mayo lost his job at CLSA earlier this year he bought one share of many bank stocks so that he could continue his work and gain access to information as a shareholder.
In a CNBC interview in April, Mayo, who was acting as an independent analyst, said, "Banks' balance sheets are the strongest in a generation." His top pick in the sector was Goldman Sachs. Mayo also recently called the bank sector "the Lebron James of the stock market," saying "they have incredible defense, the most resilient balance sheets in a generation, but now with this pro-growth agenda, they might also have a little bit of offense, too."
Mayo officially starts his new job immediately but won't be talking to the media until he gets up to speed in his new role and begins providing research under the name of Wells Fargo.