The Carlyle Group Poaches Michael Cavanagh From JPMorgan

Private equity firm The Carlyle Group stunned Wall Street by announcing that it will bring on Michael Cavanagh, who many believed to be Jamie Dimon’s heir apparent at JPMorgan Chase & Co. Cavanagh will serve as co-president at Carlyle, a newly-created role he will share with Carlyle’s existing chief operating officer Glenn Youngkin. The pair also will share COO duties. At JPMorgan, he had been co-CEO of corporate and investment banking.