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) - Get Report, Jes Staley, now at hedge fund Blue Mountain Capital and Charlie Scharf, now CEO of Visa (V) - Get Report. 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.
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