Citigroup’s Biggest Critic Recommends Buying on Pandit Exit

Bloomberg reports that Mayo, who works in New York for CLSA Ltd., changed his rating to 'outperform' from 'underperform' because Pandit’s ouster reflects a 'more proactive board', the analyst wrote in a note. The change may lead to additional restructuring and more dividends for shareholders as the firm repairs its credibility with regulators, he wrote.

'The change in leadership at Citigroup is a sign of improved governance by the board compared to a decade of risk management and regulatory mishaps with little to no accountability', Mayo wrote.

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Citigroup’s 5-Year Critic Mayo Recommends Buying on Pandit Exit

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