Bloomberg Talks Mike Mayo Talks Dimon's Succession Plan, Fraser's Success
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Feb 19, 2025 Mike Mayo, Head of US Large-Cap Bank Research at Wells Fargo Securities, shares his banking expertise. He dives into Jamie Dimon's enduring leadership at JPMorgan and the crucial succession plan ahead. The conversation highlights Jane Fraser's impactful turnaround at Citigroup, contrasting her strategy with previous executives. Mayo also discusses the competitive dynamics in the banking sector post-crisis, focusing on regulatory changes and investment opportunities in major banks like Citigroup and Bank of America.
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Banking Renaissance
- Banking is finally improving due to historic revenue and earnings inflections.
- Fifteen years of regulation is shifting from a headwind to a tailwind, promising higher profit margins and stock ratings.
Citigroup's Potential
- While JPMorgan Chase is considered best-in-class, Citigroup is Mayo's top pick.
- He believes Citigroup represents a new era for banking.
Dimon's Succession
- Jamie Dimon's succession at JPMorgan Chase is uncertain, though he confirmed he'll stay for a few more years.
- Despite a deep bench, no investors want Dimon to leave.