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JPMorgan Chase (NYSE:JPM) announced today that Daniel Pinto, co-Chief Executive Officer of the company’s Corporate & Investment Bank (CIB), will become sole CEO of the CIB, effective immediately. Mike Cavanagh, co-CEO of the CIB, is leaving the company to become co-President and co-Chief Operating Officer of The Carlyle Group, a global alternative asset management company.
“I have worked with Mike Cavanagh for more than 20 years,” said Jamie Dimon, Chairman and CEO of JPMorgan Chase. “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 Corporate & Investment Bank. 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.”
Mr. Dimon added: “I am pleased that we have someone as extraordinarily capable as Daniel Pinto to take over as sole CEO of the Corporate & Investment Bank. Daniel is an exceptional manager of risk who understands markets as well as anyone I’ve ever met. He is a true leader – his values, character and judgment are second to none. He’s proven he can lead in the toughest of times and will be a terrific CEO to build on the CIB’s track record of success.”
Mr. Cavanagh said: “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. 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 JPMorgan Chase the very best.”