Another high-ranking executive at J.P. Morgan is departing, one who had been considered a possible successor to CEO Jamie Dimon.

Michael Cavanagh, who was co-CEO of the company's corporate and investment bank, is joining The Carlyle Group to become co-president and co-chief operating officer.

"While we would prefer he stay at the firm, we are glad he's going to a valued client in Carlyle," Dimon said Tuesday in a news release.

Cavanagh, 48, joined the global bank in 2004 and helped to guide it through the financial crises that washed over Wall Street several years later.

He came to be known as Dimon's "Mr. Fix-it."

In recent years, JPMorgan Chase & Co. has seen some of its top executives exit, including its banking leader and its chief of international operations.