Private Equity Poaches Banks' Top Guns

Private-equity firms are on a financial sector hiring spree.

In the last week alone two hard-hitting firms have picked up former bank and insurance executives. The latest is Cerberus Capital Management, which hired Al de Molina just six months after he left his post as Bank of America's(BAC Quote) CFO, according to reports.

Molina, a 17-year veteran of the Charlotte, N.C., lender, will help oversee Cerberus' holdings in the sector, according to The Wall Street Journal. A spokesman for Cerberus did not return a call for comment. ...