This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

JPMorgan Loses Another Dimon Successor

NEW YORK (TheStreet) -- JPMorgan Chase (JPM - Get Report) corporate and investment bank co-head Mike Cavanaugh has become the latest departure among executives seen as potential successors to CEO and Chairman Jamie Dimon.

The bank announced Tuesday Cavanaugh will become co-President and co-Chief Operating Officer of private equity giant the Carlyle Group (CG - Get Report). Daniel Pinto, the remaining co-head, now becomes CEO of JPMorgan's corporate and investment bank.

Cavanaugh's departure follows those of William Demchak, now CEO of PNC Financial  (PNC), Jes Staley, now at hedge fund Blue Mountain Capital and Charlie Scharf, now CEO of Visa (V). All were seen as potential successors to Dimon.

Cavanaugh is a former CFO who was picked by Dimon to investigate the $6.2 billion trading blowup know as the "London Whale" debacle. He also led the Treasury and Services division and held a senior role in middle market banking, according to a report Tuesday from Wells Fargo analyst Matt Burnell.

His departure is "hardly a positive," but JPMorgan still has several potential successors to Dimon, 58, including chief operating officer Matt Zames, retail banking chief Gordon Smith and asset management CEO Mary Erdoes, Burnell contends. Still, the analyst believes potential successors could come from outside the institution.

Follow @dan_freed

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
CG $29.73 0.00%
JPM $63.24 0.00%
AAPL $127.60 0.00%
FB $83.09 0.00%
GOOG $535.38 0.00%

Markets

DOW 18,034.93 +208.63 1.17%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs