JPMorgan Chase has promoted Doug Petno and Troy Rohrbaugh to co-presidents, signaling that one of them will likely become the bank's next CEO when current leader Jamie Dimon steps down, according to a press release from JPMorgan Chase.

Each man now runs one of JPMorgan's two biggest moneymakers. Petno leads the Commercial & Investment Bank, which handles things like trading, investment banking, and loans to large corporations. Rohrbaugh heads Consumer and Community Banking, the division that runs the bank's branches, issues credit cards, makes auto loans, and handles mortgages for everyday customers. Together, these two operations bring in most of the bank's profit.

This setup is a test. Large financial institutions often put two top contenders in charge of different divisions to see who performs better over time. The two businesses work in different ways: trading and investment banking swing up and down with market conditions, while consumer banking depends on interest rates and whether customers pay back their loans. Whoever steers their division more successfully through the next few years gives the board a clearer picture of who should be in charge when Dimon leaves.

Petno spent his career in commercial banking and lending — building up JPMorgan's relationships with mid-sized and large corporate clients. The investment bank role fits his background. Before this, the job was split between two executives; now he's in charge of the whole division and responsible for its profits and losses.

Rohrbaugh's experience is in markets — specifically in interest rates and currency trading. Switching to run consumer banking is a different challenge. He'll oversee the branch network, credit card products, auto lending, mortgages, and the digital banking app that attracts new customers. Running consumer banking has historically been more like running a traditional bank, which may be an intentional way to broaden his skills before any final decision is made.

No timeline has been announced. Jamie Dimon has said before that he's not ready to name when he'll step down, and the board isn't pushing him. This co-president structure is the real timer — the bank will watch how both men perform and let their track records guide the choice.

For JPMorgan's competitors, the move means stability. Both divisions are so big and established that important client relationships and major business deals continue regardless of who's in charge. The bigger question for other banks is whether either Petno or Rohrbaugh might leave JPMorgan to run a competitor before a final successor is chosen — that's what other candidates have done in the past.

JPMorgan hasn't said whether the promotions come with raises or whether reporting lines below the two co-presidents are changing. In a bank this size, the management structure underneath them will matter just as much as the titles themselves.