MarketWatch

12 June 2014

The departure of Mike Cavanagh, long viewed as a leading canadidate for Jamie Dimon's role as CEO of J.P. Morgan, for private equity firm The Carlyle Group, is part of a growing trend on Wall Street. “It’s like moving from a large retailer to your own store,” Michael Archer, partner in the Global Financial Services group at Kurt Salmon, told MarketWatch. “When you are in a large organization, you have a very defined role, and after a while you get tired of that and feel like you don’t make an impact, and that can be discouraging.” Regulatory scrutiny is also migrating to private equity, noted Archer. “To some degree the private equity firms are looking to Wall Street bank executives who have that experience.”

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