Mayo Asks Erdoes How It Feels at Unit Trapped at JPMorgan
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Mike Mayo, the analyst who sparred at JPMorgan Chase & Co.’s 2013 investor day with Chief Executive Officer Jamie Dimon, challenged the bank at today’s event about the logic of holding an asset-management business.
Mayo, an analyst at CLSA Ltd., asked Mary Erdoes, CEO of JPMorgan’s asset manager, how it feels to be “trapped” in a bank that he estimates is valued at about 40 percent less than companies in her business, based on price-to-earnings ratios.