It looks like Mike Mayo, the star research analyst who has famously taken bank CEOs to task, is out of a job.
Hong Kong-based CLSA on Monday closed the doors on its U.S. operations, according to a company spokeswoman. As part of that move, the company — whose brand in banking was closely linked with Mayo — has closed down its widely followed research division.
“Equity research is completely shut down in the U.S.,” said Melissa Sheer, the spokeswoman, in an email.
CLSA is a wholly-owned subsidiary of CITIC Securities. Mayo would not comment for the record.
Mayo gained a reputation for ruffling feathers across the industry. In recent years, his research took an activist bent, such as when he traveled with a group of investors to Dallas to urge the board of Comerica to sell.
The $74 billion-asset company was struggling under the weight of bad oil loans at the time. It has since slashed its exposure to the energy sector, and announced a multi-year plan to boost profitability.
Comerica’s stock price, meanwhile, has more than doubled in the past year, boosted in part by the surprise surge in financial stocks following the election of President Donald Trump.
Mayo has also earned a reputation for provoking lighthearted responses from big-name CEOs.
At JPMorgan’s annual investor day four years ago, he made headlines for asking Chairman and CEO Jamie Dimon whether affluent customers would feel more comfortable banking with a company that had higher capital ratios.
Dimon said no, justifying his answer with this response: “That’s why I’m richer than you.”.
It’s unclear whether he will attend JPMorgan’s annual investor day Tuesday.