NEW YORK (AP) — JPMorgan Chase promoted investment bankers Doug Petno and Troy Rohrbaugh to co-presidents of the bank, elevating two additional potential contenders to succeed Jamie Dimon whenever the longtime CEO steps down from running the nation’s largest bank.

Rohrbaugh graduated from Baltimore’s Gilman School in 1988. He has been a member of the Board of Trustees at the elite private boys’ school since 2018 and will begin serving as the board’s vice president next week, according to a Gilman news release.

Rohrbaugh graduated from the Johns Hopkins University in 1992 and was a political science major.

The promotions of Petno and Rohrbaugh are a sign that JPMorgan’s board is also looking to its commercial and investment banking ranks as it develops the next generation of leadership, even as Rohrbaugh will now move over to run the bank’s giant consumer business.

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Petno and Rohrbaugh both ascended JPMorgan’s ranks through the company’s investment bank but worked on different sides of the house: Petno has worked with clients and done advisory work, including natural-resources investment banking, while Rohrbaugh came up through the bank’s trading desks, with a background in foreign-exchange derivatives and options trading.

“The changes announced today mark an important step in our Board’s thoughtful process around succession planning and development of our top leaders,” Dimon said in a statement.

Two other potential successors sit on JPMorgan’s operating committee, the group of top management at the bank who report to Dimon. Jennifer Piepszak, 55, is JPMorgan’s chief operating officer, while Mary Erdoes, 58, runs its asset and wealth management division.

The bank disclosed Thursday that Piepszak and Erdoes each received a $20 million equity-based retention award, underscoring that the board is trying to preserve a broad bench of senior leaders as it plans for Dimon’s eventual succession.

But even with those retention bonuses for Piepszak and Erdoes, analysts noted that the promotions of Petno and Rohrbaugh signal that the board is leaning toward them.

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Wall Street loves to speculate about who will succeed Dimon, who is 70 years old and has been CEO since 2006. Dimon has had several health scares over his 20 years running the bank, including a throat cancer diagnosis in 2014 and emergency heart surgery in 2020. Still, Dimon has repeatedly said he enjoys being chairman and CEO, and has emphasized that JPMorgan’s board of directors will decide the timing of Dimon’s replacement.

Whoever replaces Dimon will inherit one of the most prominent roles on Wall Street and, more broadly, in corporate America. Dimon is among the last of the generation of Wall Street CEOs who steered their firms through the 2008 financial crisis and is widely seen as the banking industry’s elder statesman.

Banner reporter Camille Bugayong contributed to this story.