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banking industry faces challenges as integration efforts and hiring slow down
Citi's Michael Lavelle has been appointed vice chairman of lending after three decades, while Blackstone's Joseph Baratta and Michael Chae join the ranks of billionaires. UBS's Mike Dargan received a $12m loan to aid in the complex integration of Credit Suisse, as the demand for junior bankers dwindles amid a challenging work environment. Meanwhile, HSBC faces pressure in equities trading, with US banks increasingly dominating the market.