CLSA 2011 Mayo

CLSA's Mayo says US banks face long haul to recovery

American banks need to slash more jobs and radically change their incentive structures, according to CLSA's Mike Mayo, but at least they are in better shape than Japan's banks were in the 1990s.

Mike Mayo’s annual presentation at CLSA’s investor forum in Hong Kong is always eagerly awaited by journalists. Last year, Mayo was scathing in his strong and repeated condemnation of Citi, saying that a bank that could not find time during the course of a year to meet a sell-side analyst and address his concerns was exceedingly badly managed.

Yesterday, Mayo continued to be generally negative on US banks, but did not harp as much on any one bank with the repeated references this year mostly to his forthcoming book but more on that later.

Banking crises are not new, said Mayo, referring to the fact...

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