By Telis Demos and Emily Glazer
Brokerage firm CLSA Americas LLC, the home of outspoken banking analyst Mike Mayo, is cutting back its business in the U.S.
Asia-based CLSA said in a release Monday that it will “pivot its U.S. domestic equity brokering business to focus exclusively on the provision of execution and trading services to institutional investors.” The firm, which is owned by China’s Citic Securities /zigman2/quotes/208139708/delayed HK:6030 -0.24% /zigman2/quotes/210326178/delayed CN:600030 +0.97% , said the changes will lead it to exit U.S. domestics research among other areas.
The firm is cutting 90 staff as a result of the change, with 85 remaining, a spokeswoman said. Among analysts being let go, Mayo is one of the best known and over the years had developed a reputation for not mincing words about the banks he covers. The analyst butted heads numerous times with some of the largest U.S. banks and in some cases even their chief executives.
Mayo told the Journal that he plans to continue as an equity analyst, although he doesn’t yet know where he will land next. “I’m at the top of my game, and I intend to stay in it,” he said.
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