JPMorgan Chase has announced 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'.
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'.
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'.
Pinto said, 'I am very honored to become CEO of the Corporate & Investment Bank. It’s truly a privilege to lead the talented team in CIB at a time when the business is performing exceptionally well. We will all miss Mike – he’s been a terrific partner and friend and key contributor to our success. We will continue to work hard for that success, and, as we always have, to serve our clients with distinction'.