Wednesday, 1 October 2014
Last updated 14 hours ago
Mar 25 2014 | 2:19pm ET
The Carlyle Group has lured one of Jamie Dimon’s top lieutenants at JPMorgan Chase into its own executive ranks.
The private-equity giant named Mike Cavanaugh co-president and co-chief operating officer. Cavanaugh was co-CEO of JPMorgan’s corporate and investment bank, the latest stop in a more than two decade career at the bank that included a stint as CFO. Cavanaugh also led JPMorgan’s internal review of the bank’s $6.2 billion loss on trades made by the so-called “London whale.”
“I have worked at JPMorgan Chase for almost my entire professional life, and it was not without a lot of soul searching that I decided it was time for me to take my career in a different direction,” Cavanaugh, seen as a possible successor to Dimon, said. “I wouldn’t have left for any company other than the Carlyle Group.”
“I have worked with Mike Cavanaugh for more than 20 years,” Dimon said. “While we would prefer he stay at the firm, we are glad he’s going to a valued client in Carlyle.”
At Carlyle, Cavanaugh will serve along co-COO Glenn Youngkin, and will join the firm in the summer. He was reportedly approached by Carlyle earlier this year, and first mentioned his plans to Dimon over the weekend.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...