Mayo Says JPMorgan Needs to Show Discipline Is Still Intact [Business News Network (BNN) (Canada)]
Wells Fargo & Company (WFC)
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Source: Business News Network
Mayo and his team at Wells Fargo & Co. wrote Monday that they're looking for new details on JPMorgan's costs, capital and competition, among other things, at its investor day on May 23. In the note to clients, titled “Has JPM Lost Its Fastball?”, Mayo said the bank's latest initiatives seem to cost more, take longer and increase risk. Executives at the biggest U.S. bank told investors in January that they see expenses rising 8.6% this year to $77 billion excluding legal costs. Mayo cut his rating on the stock to equal weight from overweight following the fourth-quarter earnings report, which included that guidance, citing “front-loaded spending for less certain back-ended benefits.” The biggest U.S. bank's “reduced transparency, financial discipline, and shareholder consideration bring into question the level of investor trust derived from past performance,” Mayo wrote. “Nonetheless, this investor day comes better late than never and shows that JPM is still willing to highlight t
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