Mayo: Whose head will roll over CCAR failure?

|By:, SA News Editor

"We're wide awake," says Citigroup (C +4%) CEO Michael Corbat, responding to a combative Mike Mayo's query about whether the CCAR failure was a "wake-up call" for management. Wanting somebody's scalp, Mayo is unsatisfied with Corbat taking responsibility and likely a pay cut over CCAR. Corbat reminds he's asked Gene McQuade to delay his retirement as Citibank CEO to lead the capital approval resubmission process.

Earlier earnings and conference call coverage

In a quick note following Q1 results, Goldman's Richard Ramsden says core EPS of $1.54 beat his team's $1.36 estimate thanks to fee income in Institutional Services, and the news, combined with recent troubles for the stock makes for an obvious bounce today. "Assuming expenses stay in check (both legal and core), Q1's earnings run-rate implies an achievable path to 2014 consensus of $4.75 which should provide support for shares."