Bloomberg: JPMorgan Loses Potential Successor to Dimon
Bloomberg reported, according to a person with direct knowledge of the matter, that JPMorgan Chase’s Mike Cavanagh, who served as a close deputy to CEO Jamie Dimon for more than two decades, will leave to become co-chief operating officer of Carlyle Group.
Bloomberg notes that Cavanagh was seen internally as a potential successor to Dimon, who has told people he wants to remain CEO for another five years.
Bloomberg said top bankers and traders have left the biggest Wall Street firms for more lucrative jobs in private equity and at hedge funds, as regulation of lenders has intensified and lower returns have pushed banks to cut the amount of revenue they set aside for compensation.
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