After releasing a controversial report yesterday recommending a possible split up of JPMorgan Chase in order to increase shareholder value, outspoken bank analyst Mike Mayo has found himself the target of some snarky remarks from JPM executives at the bank’s investor day today.According to DealBook’s Kevin Roose, who’s been live-blogging the event, JPM CFO Doug Braunstein titled a slide in his presentation “What’s the value of the whole?”, almost a direct counter to Mayo’s suggestion of possibly breaking up the company and his analysis that the parts are worth more than the whole.
Then, consumer banking head Todd Maclin had some choice words for Mayo during his presentation, from DealBook—
“Where’s Mike?” [Maclin] asked before outlining the bank’s plans. “This one’s for you, baby.”
During the question-and-answer period, Mr. Mayo’s spoke up, telling Mr. Maclin that the bank’s plan to build 150 to 200 new branches a year was “last-century strategy.”
“Tell me how you really feel,” Mr. Maclin said to audible laughter. Then he took aim at the outspoken analyst, and said that “much like your report, the facts are distorted.”