As is often the case in dramatic management shuffles, the moves last week at J.P. Morgan Chase & Co.'s investment bank didn't just raise questions about the players directly named in the announcement, but also about those who were not.

Take Douglas Braunstein. As Americas head of investment banking, Braunstein, 49, appeared to be on track to eventually head J.P. Morgan's investment banking unit. After all, he's been head of M&A since 1997, when he joined Chase Manhattan Bank from Merrill Lynch & Co. And last April, when J.P. Morgan acquired Bear Stearns Cos., Braunstein was named Americas head of investment banking and originations -- a sizable promotion.

Still, Braunstein's name was absent from the investment bank's reshuffling last week, which has Jes Staley, 52, becoming CEO of the unit, replacing co-heads Bill Winters, 48, who is leaving the firm, and Steve Black, 57, who becomes executive chairman. Black, who in the 1990s worked closely with Jamie Dimon at Sandy Weill's Travelers Group Inc., will retire from J.P. Morgan at the end of next year.

That leaves Braunstein reporting to Staley, at least for now. A source says he could eventually be slotted in a leadership position at one of the other business units at the bank. "He still has a lot of runway left," the source says. "I don't think Doug is worried."

As for Staley, he is now the anointed successor to Dimon, who, at 53, is just one year Staley's senior. "With the credit crisis largely behind us and the economy recovering, the timing was right to begin the succession process," Dimon said in a statement. "We want to thank Bill [Winters] for his exceptional service to this firm and wish him the best."

Winters joined J.P. Morgan in 1983 after graduating from Colgate University. He moved to London for the bank in 1993 and has been there ever since. He was named co-chief of the investment bank in 2004 after already serving as its deputy head and head of global markets.

A J.P. Morgan source declines to say why Staley was chosen over Winters in the succession planning. "Jamie gets paid to make the tough decisions," the source says. "Anyone on the shortlist for Jamie's job has to have run the investment bank," the source adds, speaking of Staley's new job.

Like Winters, Staley is a J.P. Morgan lifer. He joined the bank in 1979 after graduating from Bowdoin College in Maine, eventually moving to Brazil for eight years to run corporate finance. He returned to the U.S. to head equity capital markets, and then the private bank. Since 2001, Staley has headed the asset management unit, which will now be run by Mary Callahan Erdoes, CEO of the private bank. Erdoes, 42, was also named to J.P. Morgan's operating committee last week.

In the wake of the reorganization, jostling for position among the bank's top managers is expected to continue for some time. A source close to the situation, for example, says that the bank's chief financial officer, Michael Cavanagh, 43, is interested in moving to another spot with J.P. Morgan. He has held the CFO post since September 2004, and had run the middle-market group under Dimon at Bank One Corp. before that bank's merger with J.P. Morgan.