Jack Grubman
Former Citigroup analyst Jack Grubman talks about the lack of change on Wall Street CNBC

Former Citigroup analyst Jack Grubman said Wall Street hasn't changed how it works in more than 10 years. Grubman was barred from the securities industry for alleged misleading research, but he rejected the notion that what he did was wrong or that he felt any conflict at the time.

"Maybe the question to ask is, has anything changed?" he said on CNBC on Friday. "I would argue, not really. I'd say maybe there's change in form but not substance in terms of today's Wall Street research." Grubman stressed that bad research got analysts nowhere in the businessback then -- or now.