NEW YORK: Crippled by lawsuits linked to the 2007-2008 financial crisis, American banks are grappling with an exodus of its best bankers and traders, lured by the huge salaries of little-regulated hedge funds.
Michael Cavanagh, 48, was the favourite to succeed Jamie Dimon at the head of JPMorgan Chase, the nation’s biggest bank. But he gave up on that golden prospect in March to join the Carlyle Group instead.
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