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JPMorgan Chase laid out a careful plan for a better 2014 on Tuesday, as it tries to recover from a year spent paying for past mistakes. The bank is hoping that more expense cuts, improved technology and a greater reliance on wealth management will boost its future growth.
February 25 -
Michael Coyne, co-head of litigation for JPMorgan Chase, will become general counsel at Union Bank. He is the latest senior executive to depart JPMorgan as its legal and regulatory troubles mount.
August 26 -
Now that shareholders have agreed to let Jamie Dimon keep both his jobs at JPMorgan Chase, the chairman and chief executive must resolve several pressing issues. Among them: succession, board composition and mounting regulatory scrutiny.
May 21 -
JPMorgan Chase loses another top exec as co-chief operating officer Frank Bisignano leaves to run payment processor First Data. The move further consolidates power with Matt Zames, whose rapid ascent will in leave him as the sole COO.
April 28
One month ago, when JPMorgan Chase's (JPM) top executives gathered for their annual
"Next year we will try again to not have the afternoon slot," said Cavanagh, then the co-head of JPMorgan's corporate and investment bank, and one of the leading candidates to eventually succeed Chief Executive Jamie Dimon.
So much for that. On Tuesday,
His departure is the latest in a long string of recent senior-level exits from the country's largest bank and one of the most serious losses. It is also a setback for Dimon's efforts to solidify his leadership team and
Dimon has weathered most of the external scrutiny, and
Cavanagh's departure seems like one of the most serious, to judge by Dimon's public reactions.
"This is a regrettable loss for our company, as Mike has been a part of the fabric of our organization for the last 14 years," Dimon said in an internal memo, praising his departing lieutenant as "an exceptional partner with great instincts, integrity and strategic thinking."
In a bank
"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," he said, adding that he "wouldn't have left for any company other than The Carlyle Group, a firm and a management team I have known for a long time."
His formal role at JPMorgan will be taken over by his current partner, Daniel Pinto, who will become the sole CEO of the corporate and investment bank. But his informal shoes will be harder to fill. Along with Chief Operating Officer Matt Zames, Cavanagh was considered one of the executives
Cavanagh was also one of Dimon's remaining stalwarts after the past few years of senior-level departures and management reshuffles. Since the bank's $6 billion trading loss in London came to light, JPMorgan has lost or replaced executives including its chief financial officer, co-chief operating officer, chief risk officer, chief compliance officer, co-head of litigation, chief investment officer, chief information officer and head of consumer banking.
Last May, Dimon acknowledged that the bank has had "
"Our job is just to continue going forward and deal with these things," Dimon said towards the end of the investor presentations a month ago. "So I'm grateful we got some behind us, and we want them all behind us so we can build this franchise."