JPMorgan’s Michael Cavanagh To Join Carlyle Group

Co-CEO of JPMorgan Chase & Co. (NYSE:JPM)’s corporate and investment bank Michael Cavanagh will leave to become co-chief operating officer of The Carlyle Group LP (NASDAQ:CG).

Daniel Pinto will now become sole chief executive of the JPMorgan’s corporate and investment bank effective immediately.

Internal review of London Whale episode

JPMorgan Chase & Co. (NYSE:JPM) suffered a loss due to big derivative wagers in the chief investment office of the bank in London. The incident also gave JPMorgan a tainted reputation for being a bank with poor risk handling capability. After the incident,...