A Potential Successor To Jamie Dimon Has Left JPMorgan

Michael "Mike" Cavanagh, who was seen as a potential successor to Jamie Dimon, is leaving JPMorgan Chase for private equity giant Carlyle Group, the bank said in a press release.

Cavanagh, 48, was the co-CEO of JPMorgan's investment bank. He's been tapped for the new position of co-president of Carlyle, which is also a client of JPMorgan's.

"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," Cavanagh said in a statement.

He's been a long-time Dimon deputy. They worked together at Bank One before JPMorgan.

"I have worked with Mike Cavanagh for more than 20 years," Dimon said in a statement.

"He's a highly talented executive and has been an integral part of our management team.... 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."