This text initially appeared on Enterprise Insider.
A longtime JPMorgan government who has saved a low public profile whereas cultivating a fame as a profitable dealer with a expertise for managing danger is rising as a contender to succeed Jamie Dimon as chief government.
Dimon, the longest-tenured Wall Avenue CEO, has not revealed plans to retire, although the monetary business has speculated on his succession planning and the individuals probably to interchange him for greater than a decade.
Troy Rohrbaugh was named co-CEO of JPMorgan’s industrial and funding financial institution, generally known as the CIB, as a part of an inside government reshuffle JPMorgan introduced final week. CIB is a sprawling group encompassing world funding banking, industrial banking, and different core companies. Rohrbaugh will run the CIB along with Jennifer Piepszak, a longtime government who business insiders have for years floated as a doable Dimon successor.
Wall Avenue already is aware of Piepszak, who had most lately been co-chief government of shopper and group banking and was the agency’s finance chief from 2019 till 2021. Analysts and traders are additionally very conversant in Marianne Lake, one other long-tenured key government who was elevated within the reorganization introduced final week and is most ceaselessly rumored to take over from Dimon when he ultimately retires.
Rohrbaugh, 53, is lesser recognized to Wall Avenue than these colleagues. His new place by way of the inner shuffle has vaulted him extra publicly and prominently into probably the most intently watched succession race on Wall Avenue.
Now, the business will watch how Rohrbaugh will information the CIB as JPMorgan performs above analysts’ expectations even in a slumped deal market. Enterprise Insider has tracked Rohrbaugh’s trajectory from his faculty days to his most up-to-date position as cohead of markets and securities companies.
One business recruiter famous that Rohrbaugh’s background as a danger supervisor might make him a strong C-Suite contender.
Certainly, Dimon is thought for boasting about JPMorgan’s “fortress stability sheet,” or its means to guard in opposition to monetary shocks whereas giving its staff the pliability to check money-making concepts. “They take prolific danger and handle it effectively,” this particular person mentioned.
‘Fortunes started to vary’
Rohrbaugh arrived at JPMorgan in 2005, the 12 months JPMorgan introduced it could identify Dimon, who had been president and chief working officer, as CEO. Rohrbaugh joined the agency from Goldman Sachs, the place he managed the foreign-exchange choices enterprise for North America.
His first submit at JPMorgan was world head of foreign exchange derivatives. After years of troubles in JPMorgan’s foreign exchange enterprise, “the financial institution’s fortunes started to vary” after Rohrbaugh joined in 2005, Euromoney wrote in 2017. He had been a “supply of stability not only for JPMorgan but additionally for the broader FX business throughout its most turbulent years,” the publication wrote. The financial institution then grew to become the primary to introduce the power to commerce from a cell gadget, the article mentioned.
Rohrbaugh and longtime government Eddie Wen, who had additionally joined JPMorgan from Goldman across the identical time as Rohrbaugh, each had a hand in bringing quants and technologists “into the entrance workplace in order that the enterprise might take possession of its system growth slightly than counting on a separate IT division,” Euromoney reported in 2017.
JPMorgan government David Hudson informed the publication that he returned to JPMorgan after working at Nomura in 2010 “to work for Troy.” He noticed how the enterprise had “matured after 5 years. It was clearly far more aggressive and succesful, and there was a giant give attention to digital distribution in addition to on danger administration.”
Although his profile is much less acquainted to outdoors observers, Rohrbaugh’s identify is well-known throughout JPMorgan and in foreign exchange business and advocacy teams. He had been chair of the Federal Reserve Financial institution of New York’s foreign-exchange committee and the chair of the World Monetary Markets Affiliation’s foreign-exchange group. He is additionally conversant in regulators, showing on Securities and Alternate Fee Chair Gary Gensler’s calendar of conferences with different prime JPMorgan executives in 2022 and 2023.
Rohrbaugh’s different stops at JPMorgan have been head of world markets and head of macro markets. Earlier than he labored at Goldman, Rohrbaugh ran the Asian overseas change choices enterprise for the Canadian financial institution Banque Nationale and began his profession buying and selling choices for CooperNeff on the Philadelphia Inventory Alternate.
Rohrbaugh’s profession spans the dot-com bust, the worldwide monetary disaster, and the terrorist assaults of September 11, 2001, that devastated so many on Wall Avenue who labored in decrease Manhattan.
Whereas Rohrbaugh was at Goldman, his agency was near the World Commerce Heart, and he skilled loss in the course of the assaults. In keeping with the New York Each day Information, he was one of many final individuals to talk with the Cantor Fitzgerald dealer Tim Soulas, who was killed. Cantor misplaced 658 staff within the assaults that day.
Rohrbaugh earlier than Wall Avenue
The Baltimore native’s earliest office expertise, although, was not in a buying and selling pit.
“I used to be 16, and I used to be a safety guard at a condominium on the Seaside,” he mentioned as a part of a sequence of interviews JPMorgan printed in 2015 about executives’ first jobs. “I labored in my father’s enterprise for about 40 hours in the course of the week, after which I labored one other 36 to 38 hours from Friday night time ’til early Sunday morning.”
Rohrbaugh stays concerned in his Maryland alma maters. He’s on the board of trustees of Gilman College, an all-boys preparatory faculty that Rohrbaugh graduated from in 1988.
In 1992 he graduated from Johns Hopkins College, the place he studied political science, performed soccer, and is now a member of an advisory board there. In a video addressing the college’s soccer crew final 12 months, he mentioned “pleasure and poise,” a slogan the soccer crew makes use of, are two traits that helped him as a participant and in his profession.
He mentioned that together with being ready whereas beneath stress, “it’s worthwhile to be calm and considerate and prepared for when issues aren’t figuring out.”
He was the president of the Alpha Delta Phi fraternity whereas attending Johns Hopkins, the place his frat brothers embraced a particular custom of throwing dozens of footwear out the window and onto a tree outdoors the frat home east of the school campus, the Baltimore Solar reported in 1992.
College students would go away the home, overlook one thing, and yell at their roommates about throwing their gadgets out the window, Rohrbaugh defined to the paper. As soon as, that merchandise was a pair of footwear, and it obtained tangled within the tree. “From then on, any time you wore out a pair of footwear, or your roommate had actually smelly ft with an inclination to go away his footwear l
Within the yearslong push and pull between what Wall Avenue companies’ administration and wider workforces need with distant work in the course of the pandemic, Rohrbaugh has been chronicled as a vocal supporter of in-person work. That rubbed some staff the fallacious means earlier within the pandemic, in response to studies.
He’s one in all many finance executives who spoke publicly about their want to have extra staff working in particular person slightly than at dwelling.
Bloomberg reported that in March 2020, whereas New York was in a state-mandated lockdown, a JPMorgan worker wrote in a be aware to colleagues about Rohrbaugh persevering with to “wish to push everybody to get again into the workplace,” which JPMorgan disputed on the time.
A senior JPMorgan government who works with Rohrbaugh recalled that point in the course of the pandemic. This particular person mentioned on Wednesday that he had managed buying and selling operations effectively throughout Covid and took “super” precautions for employees.
Kaja Whitehouse and Alex Morrell contributed reporting.
ying round, they’d find yourself on the tree,” he mentioned.
“You get a way after you’ve got been right here,” Rohrbaugh mentioned. “You possibly can at all times inform a freshman or sophomore as a result of he’ll miss the tree three or 4 occasions, and when he lastly hits it, it will not wrap round.”