Mike Cavanagh is no longer next in line at JPMorgan, after leaving to join The Carlyle Group. Don't be so surprised.
FORTUNE -- Private equity firm The Carlyle Group (CG) stunned Wall Street this morning, by announcing that it had poached Michael Cavanagh, the man many believed to be Jamie Dimon's heir apparent at JPMorgan Chase & Co. (JPM).
Cavanagh will serve as co-president at Carlyle, a newly-created role he will share with Carlyle's MORE