Tuesday, 25 October 2016
Last updated 1 hour ago
Mar 25 2014 | 2:19pm ET
The Carlyle Group has lured one of Jamie Dimon’s top lieutenants at JPMorgan Chase into its own executive ranks.
The private-equity giant named Mike Cavanaugh co-president and co-chief operating officer. Cavanaugh was co-CEO of JPMorgan’s corporate and investment bank, the latest stop in a more than two decade career at the bank that included a stint as CFO. Cavanaugh also led JPMorgan’s internal review of the bank’s $6.2 billion loss on trades made by the so-called “London whale.”
“I have worked at JPMorgan Chase for almost my entire professional life, and 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,” Cavanaugh, seen as a possible successor to Dimon, said. “I wouldn’t have left for any company other than the Carlyle Group.”
“I have worked with Mike Cavanaugh for more than 20 years,” Dimon said. “While we would prefer he stay at the firm, we are glad he’s going to a valued client in Carlyle.”
At Carlyle, Cavanaugh will serve along co-COO Glenn Youngkin, and will join the firm in the summer. He was reportedly approached by Carlyle earlier this year, and first mentioned his plans to Dimon over the weekend.