Wall Street is no longer on a “Highway to Hell,” or so says Mike Mayo.
The “free agent analyst” and infamous thorn in the side of Wall Street’s biggest chief executives is telling investors — finally! — to bet big on banks.
“Banks are transitioning from 10 years of value destruction to value creation,” he told The Post, summarizing the report.
Mayo’s January report, “Back in Black,” marks the first time that he’s been bullish on the companies since Bill Clinton was in the White House.
Mayo is bullish on banks despite the stocks in the sector adding roughly 30 percent to their value since Election Day.
Banks are staring at a time when they can make more money as rates rise and headwinds from regulatory fines subside, Mayo said, explaining why he turned bullish. Plus, the cost of money remains low, he said.
But don’t think his bullish outlook has mellowed him. He still has his claws out for bank CEOs.
“If [JPMorgan Chase CEO] Jamie Dimon left, would he have any place to go? Absolutely,” Mayo said.
“If [BofA CEO] Brian Moynihan left, is he going to get paid $20 million anywhere else? No.”