Many have long considered Michael Cavanagh as the high-ranking executive who stood next in line at JPMorgan Chase (NYSE:JPM) for CEO, once Jamie Dimon stepped down. Now however, Cavanagh has been hired away from JPMorgan by private-equity firm The Carlyle Group. Where will Dimon turn now for a successor?
In this segment of Tuesday's edition of Investor Beat, host Chris Hill and Motley Fool analyst Morgan Housel discuss the chain of succession at JPMorgan. Morgan notes that at these major financial institutions, one of the strongest assets they have is their high-quality employees, and that another toll of the institution facing so much litigation apart from the financial cost may be the drive for employees to go elsewhere, to firms that aren't making headlines.