JPMorgan Chief Mike Cavanagh Leaving to Join Carlyle Group

JPMorgan's co-chief executive officer of corporate and investment banking, Mike Cavanagh, has left the bank to become the co-President and co-chief operating officer of the Carlyle Group.

Cavanagh, who was hailed as Jamie Dimon's 'Mr Fix It', will be replaced by Daniel Pinto.

Pinto's new job title will be sole CEO of JPM's CIB unit.

"I have worked with Cavanagh for more than 20 years," said Jamie Dimon, Chairman and CEO of JPMorgan in a statement.

"He's a highly talented executive and has been an integral part of our management team, as our CFO for six years and as co-CEO of the CIB. He's also a special person and we wish him well in his choice to take on a new challenge.

"While we would prefer he stay at the firm, we are glad he's going to a valued client in Carlyle. I know the whole Operating Committee joins me in thanking him for his years of service to our firm."

The Carlyle Group is a massive global alternative asset management company while JPM has assets of $2.4tn and operations in more than 60 countries.

"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. I wouldn't have left for any company other than The Carlyle Group, a firm and a management team I have known for a long time," said Cavanagh.

"While I am saddened to be leaving this remarkable firm, I am looking forward to a new chapter. I wish all of my friends and colleagues at JPM the very best."