SINKING SHIP? JP Morgan’s #2 is Leaving to Join the Carlyle Group [Close Ties to the Bush & Bin Laden Families]

SINKING SHIP? JP Morgan’s #2 is Leaving to Join the Carlyle Group [Close Ties to the Bush & Bin Laden Families]

[Ed. Note: To refresh your memory, read this: Bush Sr’s Carlyle Group Gets Fat On War And Conflict]

from Deal Book:

The surprise departure of a top JPMorgan Chase executive for a giant private equity firm underscores how financial regulations are forcing a shift in the balance of power on Wall Street.

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 -

Read More @ DealBook.NYtimes.com

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