Citi Bull Mike Mayo Says ‘New CFO Seems Unproven and Unknown’

Wells Fargo bank analyst Mike Mayo, a long-time Citigroup Inc. bull, says the firm’s “mini-reorg” isn’t encouraging for the stock heading into year-end as the newly named chief financial officer seems “unproven and unknown.”

“Citi’s moves with its CFO, cards, and consumer biz can make long-term sense but leaves questions unanswered and places accountability” for post 2026 financial targets with a new CFO, Mayo wrote in a Nov. 20 note. “The new CFO (Gonzalo Luchetti) is mostly unknown to investors, and he is unproven as a CFO of one the largest and most complex global banks,” he wrote.