Top Executive at JP Morgan Chase Bids Goodbye
The strict financial regulations at the Wall Street are causing changes in various organizations. A highly placed executive at JPMorgan Chase has quit the financial services major. Market experts consider this to be among the powerful exits.
Michael J Cavanagh, who currently co-heads the investment banking division at JPMorgan Chase and is considered to be the heir apparent to the 58 year old chief executive, Jamie Dixon, on Tuesday, announced his resignation from the post. He went on to add that he will now head the Carlyle Group in the capacity of the chief executive.
The decision of MR Cavanagh to give up the idea of heading one of the largest financial conglomerates in the world clearly highlights how the consistently increasing scrutiny and current regulatory hurdles have made running a large bank a less attractive option.
Though it is not surprising to see senior executives giving up their current jobs for even better prospects, it is to be observed that at least ten highly placed executives have quit the company for other jobs over the last 24 months. The resignation of Mr. Cavanagh comes as a total surprise to many because he was considered a "lifer" and enjoyed high reputation and prominence within the bank.
Mr Cavanagh's move from JPMorgan Chase to the Carlyle Group, one of the players in the hedge funds and private equity sector, also highlights the decibel levels of the blaring siren in this sector.
According to those who are in the know-how of the current proceedings, the departure of Mr Cavanagh was a "shocker" to many senior executives within the organization too. The sources also said that Mr. Dixon, who has worked with Mr. Cavanagh over the last two decades, was also among those executives who were taken aback by this decision.
United Kingdom News
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