Joshua Franklin

Sure.

So this is one of the most closely watched, if not the most closely watched, succession battles on Wall Street.

It's also one of the most slowly moving succession battles on Wall Street.

It's been going on for a long time.

So the simplest way to think about these two guys is Doug Petno is an investment banker and Troy Roba is a trader.

Up until now, they've been co-heads of the commercial investment bank division at J.P.

Morgan, which is about 40% of the bank's profits.

And neatly, it is basically made up of investment banking and trading.

Now what's going to happen is Doug Petno is going to be the sole head of that business.

And Troy Roba is going to become the head of the Chase consumer business at J.P.

Morgan, which is also about 40% of the bank's profits.

In addition to the elevation for Petno and Roba, you also had the announced departure of Marianne Lake.

who was also a top candidate for the job.

Her departure was quite a big surprise.

We won't know how significant ultimately until the day that Jamie Dimon eventually decides to leave.

He's now in his third decade running the bank.

But this is potentially one of the most significant succession updates in years.

Over the decades, there have been numerous potential CEO candidates.

But now Jamie Dimon has been there for a long time.

He just turned 70 this year.