Key Dimon deputy exiting JPMorgan to join Carlyle

|About: JPMorgan Chase & Co. (JPM)|By:, SA News Editor

Previously seen as a possible successor to Jamie Dimon, Michael Cavanagh - co-chief of JPMorgan's (JPM) investment bank - is joining Carlyle Group (CG) in the newly created role of co-president.

Cavanagh arrived at JPMorgan with Dimon from Bank One in 2004, served as CFO through the financial crisis, and then as head of treasury and security services. Along with Daniel Pinto, he was promoted to co-head of the investment bank two years ago. Pinto will now take over that role on his own.

Cavanagh: “This is a rare opportunity to join a premier global investment firm during a time of swift change for the industry."

Dimon: "While we would prefer he stay at the firm, we are glad he’s going to a valued client in Carlyle."

JPMorgan press release