JPMorgan’s Petno Leaps Into CEO Race After Pair of Promotions

Only one year ago, Doug Petno ostensibly suffered a Wall Street indignity: he got “layered.”

One minute, Petno was leading one of JPMorgan Chase & Co.’s four business lines, commercial banking. The next, his division was tucked inside another, and he was reporting to a pair of rising stars poised to potentially succeed longtime Chief Executive Officer Jamie Dimon when he someday retires.

But, this week, Petno’s fortunes shifted yet again. The baritone-voiced executive known for his ease with corporate clients — and one of the longest-standing members of Dimon’s inner circle — joined the firm’s ever-evolving shortlist of ...