On the same day, two JPMorgan executives apparently took their names out of the running to replace the longest serving CEO of a major bank, Jamie Dimon (One is retiring and the other reportedly has no interest in the role.)

Both examples prove the difficulty of replacing a longtime leader, and in finance, the transition process is particularly difficult, said Chris Stanley, Moody’s senior director and its banking industry practice lead.

A potential CEO candidate needs to have a good grasp of the complexities of the business in any industry. But in finance they also need to be familiar with the increasing regulations imposed on the industry over the last 30 years, said Stanley.

Source: FORTUNE