JPMorgan Loses Possible Dimon Successor as Cavanagh Quits

JPMorgan Chase & Co.’s Mike Cavanagh, who served as a close deputy to Chief Executive Officer Jamie Dimon for more than two decades, will leave to become co-chief operating officer of Carlyle Group LP.

Cavanagh, 48, was seen internally as a potential successor to Dimon, 58, who has told people he wants to remain CEO for another five years, a person with direct knowledge of the matter said, asking not to be identified discussing personnel.