Business

Who Is Succeeding JPMorgan’s Jamie Dimon? See Frontrunners


This article at first appeared on Business Insider.

A longtime JPMorgan executive who has saved a very low general public profile when cultivating a reputation as a productive trader with a talent for managing risk is rising as a contender to succeed Jamie Dimon as main executive.

Dimon, the longest-tenured Wall Street CEO, has not uncovered programs to retire, although the fiscal sector has speculated on his succession arranging and the folks most very likely to exchange him for far more than a decade.

Troy Rohrbaugh was named co-CEO of JPMorgan’s industrial and expense bank, regarded as the CIB, as portion of an inner government reshuffle JPMorgan announced past 7 days. CIB is a sprawling team encompassing worldwide expenditure banking, professional banking, and other main businesses. Rohrbaugh will operate the CIB alongside one another with Jennifer Piepszak, a longtime government who market insiders have for decades floated as a possible Dimon successor.

Wall Street by now is aware of Piepszak, who had most not too long ago been co-main government of shopper and group banking and was the firm’s finance main from 2019 until eventually 2021. Analysts and buyers are also quite familiar with Marianne Lake, another extended-tenured important executive who was elevated in the reorganization announced last 7 days and is most often rumored to take around from Dimon when he at some point retires.

Rohrbaugh, 53, is lesser regarded to Wall Road than these colleagues. His new posture via the interior shuffle has vaulted him more publicly and prominently into the most carefully viewed succession race on Wall Avenue.

Now, the marketplace will watch how Rohrbaugh will tutorial the CIB as JPMorgan performs earlier mentioned analysts’ anticipations even in a slumped offer marketplace. Small business Insider has tracked Rohrbaugh’s trajectory from his college days to his most current role as cohead of markets and securities companies.

One particular industry recruiter mentioned that Rohrbaugh’s history as a danger manager could make him a potent C-Suite contender.

In fact, Dimon is recognized for boasting about JPMorgan’s “fortress balance sheet,” or its skill to safeguard against fiscal shocks while providing its employees the flexibility to examination money-making tips. “They just take prolific threat and regulate it nicely,” this particular person mentioned.

‘Fortunes commenced to change’

Rohrbaugh arrived at JPMorgan in 2005, the year JPMorgan declared it would title Dimon, who had been president and main running officer, as CEO. Rohrbaugh joined the company from Goldman Sachs, where he managed the international-exchange possibilities business enterprise for North The united states.

His initial article at JPMorgan was world head of currency trading derivatives. Soon after yrs of problems in JPMorgan’s fx small business, “the bank’s fortunes began to adjust” following Rohrbaugh joined in 2005, Euromoney wrote in 2017. He experienced been a “supply of security not just for JPMorgan but also for the broader Fx field for the duration of its most turbulent many years,” the publication wrote. The bank then became the initial to introduce the ability to trade from a mobile gadget, the post stated.

Rohrbaugh and longtime govt Eddie Wen, who experienced also joined JPMorgan from Goldman about the exact same time as Rohrbaugh, each had a hand in bringing quants and technologists “into the front place of work so that the organization could acquire ownership of its system enhancement fairly than relying on a different IT section,” Euromoney documented in 2017.

JPMorgan government David Hudson told the publication that he returned to JPMorgan after doing the job at Nomura in 2010 “to perform for Troy.” He observed how the business enterprise had “matured after 5 yrs. It was evidently considerably far more intense and capable, and there was a large concentration on electronic distribution as well as on chance management.”

Even though his profile is less familiar to exterior observers, Rohrbaugh’s name is well-acknowledged across JPMorgan and in forex marketplace and advocacy teams. He had been chair of the Federal Reserve Bank of New York’s foreign-trade committee and the chair of the Worldwide Monetary Marketplaces Association’s foreign-trade group. He is also familiar with regulators, showing up on Securities and Exchange Fee Chair Gary Gensler’s calendar of meetings with other prime JPMorgan executives in 2022 and 2023.

Rohrbaugh’s other stops at JPMorgan have been head of world-wide marketplaces and head of macro marketplaces. Before he worked at Goldman, Rohrbaugh ran the Asian international trade options small business for the Canadian bank Banque Nationale and started his vocation trading alternatives for CooperNeff at the Philadelphia Stock Trade.

Rohrbaugh’s occupation spans the dot-com bust, the worldwide economical disaster, and the terrorist attacks of September 11, 2001, that devastated so several on Wall Avenue who labored in decrease Manhattan.

Though Rohrbaugh was at Goldman, his firm was close to the Globe Trade Centre, and he experienced decline throughout the assaults. According to the New York Everyday News, he was 1 of the very last men and women to converse with the Cantor Fitzgerald broker Tim Soulas, who was killed. Cantor dropped 658 workers in the assaults that working day.

Rohrbaugh prior to Wall Road

The Baltimore native’s earliest place of work encounter, although, was not in a buying and selling pit.

“I was 16, and I was a security guard at a condominium at the Seaside,” he stated as component of a sequence of interviews JPMorgan published in 2015 about executives’ 1st positions. “I worked in my father’s business enterprise for about 40 several hours all through the 7 days, and then I worked a different 36 to 38 hrs from Friday night ’til early Sunday morning.”

Rohrbaugh stays concerned in his Maryland alma maters. He is on the board of trustees of Gilman Faculty, an all-boys preparatory college that Rohrbaugh graduated from in 1988.

In 1992 he graduated from Johns Hopkins College, where by he examined political science, played soccer, and is now a member of an advisory board there. In a video clip addressing the university’s football group last 12 months, he reported “delight and poise,” a slogan the soccer staff employs, are two attributes that served him as a player and in his occupation.

He explained that along with remaining ready although below pressure, “you want to be tranquil and considerate and ready for when matters usually are not performing out.”

He was the president of the Alpha Delta Phi fraternity even though attending Johns Hopkins, where by his frat brothers embraced a exclusive custom of throwing dozens of shoes out the window and on to a tree outdoors the frat residence east of the school campus, the Baltimore Sunlight noted in 1992.

Learners would go away the residence, forget anything, and yell at their roommates about throwing their goods out the window, Rohrbaugh discussed to the paper. Once, that item was a pair of shoes, and it got tangled in the tree. “From then on, any time you wore out a pair of sneakers, or your roommate had really smelly feet with a inclination to leave his footwear l

Return-to-business office tensions

In the yearslong drive and pull among what Wall Street firms’ administration and wider workforces want with remote function all through the pandemic, Rohrbaugh has been chronicled as a vocal supporter of in-man or woman function. That rubbed some workforce the incorrect way before in the pandemic, according to experiences.

He is a person of numerous finance executives who spoke publicly about their desire to have far more employees performing in person relatively than at household.

Bloomberg noted that in March 2020, when New York was in a point out-mandated lockdown, a JPMorgan staff wrote in a take note to colleagues about Rohrbaugh continuing to “want to press everyone to get again into the business,” which JPMorgan disputed at the time.

A senior JPMorgan govt who operates with Rohrbaugh recalled that time during the pandemic. This person claimed on Wednesday that he had managed trading operations effectively during Covid and took “great” precautions for personnel.

Kaja Whitehouse and Alex Morrell contributed reporting.

ying all-around, they’d conclusion up on the tree,” he mentioned.

“You get a technique following you have been in this article,” Rohrbaugh claimed. “You can normally explain to a freshman or sophomore simply because he’ll skip the tree 3 or four situations, and when he finally hits it, it will not wrap all-around.”



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