Michael Cavanagh, co-chief executive of JP Morgan’s corporate and investment bank, is leaving the firm to become co-president and co-chief operating officer of The Carlyle Group, a global alternative asset management company.

Michael Cavanagh, co-chief executive of JP Morgan’s corporate and investment bank, is leaving the firm to become co-president and co-chief operating officer at The Carlyle Group, a global alternative asset management company.

JP Morgan's Daniel Pinto, formerly CIB co-CEO alongside Cavanagh, has been named as the sole CEO of the corporate and investment bank.

According to Bloomberg, Cavanagh “was seen internally as a potential successor to Dimon,” who has reportedly told people he wants to remain CEO for another five years, the news service said, citing “a person with direct knowledge of the matter.”

The report also noted that Cavanagh was “tapped by Dimon in 2012” to lead an internal review into the so-called London Whale trading losses.

“I have worked with Mike Cavanagh for more than 20 years,” said Jamie Dimon, chairman and CEO of JP Morgan Chase. “He’s a highly talented executive and has been an integral part of our management team, as our chief financial officer for six years and as co-CEO of the corporate and investment bank.”

“This is a rare opportunity to join a premier global investment firm during a time of swift change for the industry. We accomplished an immense amount at JP Morgan and I am grateful to my colleagues, especially Jamie Dimon, for their friendship, support and confidence. Carlyle is an established innovator and I look forward to partnering with Glenn and the rest of the Carlyle team to help take the firm to the next level of success,” Cavanagh said in a statement from The Carlyle Group.

Before becoming co-CEO of JP Morgan’s corporate and investment bank, Cavanagh was CEO of the firm’s treasury and securities services division. He held the CFO post between 2004 and 2010.

In his new role at The Carlyle Group, Cavanagh will, alongside the newly-appointed co-president and co-COO Glenn Youngkin, help develop the firm’s growth initiatives and manage its global operations on a day-to-day basis.

Cavanagh will also join Carlyle’s executive group, whose members include: chairman Daniel D’Aniello; co-CEOs William Conway and David Rubenstein; COO Glenn Youngkin; chief financial officer Adena Friedman; and general counsel Jeffrey Ferguson.

The Carlyle Group is New York-listed and has approximately $189 billion of assets under management across 118 funds and 106 fund-of-funds vehicles as of December 31, 2013.

The firm invests across four segments – corporate private equity, real assets, global market strategies and solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America.