Michael Mayo, an analyst who has spent the past five years telling investors to sell Citigroup Inc.’s stock, reversed his stance after the board replaced Vikram Pandit as chief executive officer yesterday.
James Gorman strides across the stage of the auditorium on the top floor of Morgan Stanley’s Times Square headquarters. It’s late October, and he’s in the midst of the second investor revolt he’s been through in three years -- the first one coming during the financial upheaval of 2008.
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon won more investor support this year than in 2012 to remain chairman, weathering a push to divide the roles after the largest U.S. bank suffered a record trading loss.
Warren Buffett, the billionaire investor who oversees stakes in some of the largest U.S. banks, said the nation’s lenders have rebuilt capital to the point where they no longer pose a threat to the economy.
Bank of America Corp. and Wall Street firms that notched perfect trading records in the first quarter are now depending on an accounting benefit last used in the depths of the credit crisis to prop up their results.