[Ed. Note: To refresh your memory, read this: Bush Sr’s Carlyle Group Gets Fat On War And Conflict]
from Deal Book:
Considered a likely heir to Jamie Dimon, the bank’s 58-year-old chief executive, Michael J. Cavanagh announced on Tuesday that he would resign as JPMorgan’s co-head of investment banking to take on the role of co-chief operating officer of the Carlyle Group. Mr. Cavanagh’s decision to give up a chance at eventually running JPMorgan signals how running a large bank has become less attractive, considering the regulatory hurdles and heightened scrutiny that have dogged Wall Street since the aftermath of the financial crisis.
While it is not uncommon for bank executives to leave for other jobs — at least 10 senior executives have left JPMorgan in the last two years -
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