JPMorgan’s new CFO described as pensive Excel professional with a knack for mentoring By Reuters
© Reuters. FILE PHOTO: A JPMorgan brand is seen in New York Metropolis, U.S., January 10, 2017. REUTERS/Stephanie Keith/File Photograph
By Elizabeth Dilts Marshall and Svea Herbst-Bayliss
(Reuters) – Jeremy Barnum is just not the hard-charging, power-hungry sort that individuals usually affiliate with these within the prime echelons of Wall Avenue.
As an alternative, the person who this week turned JPMorgan Chase & Co (NYSE:)’s finance chief is a studious, detail-oriented one that enjoys mentoring junior employees and doesn’t let his ego get in the best way of others’ success, based on half a dozen associates who spoke to Reuters.
Barnum, 48, would slot in simply as properly educating college students in an elbow-patched sweater as presenting JPMorgan’s technique in a tailor-made go well with, a number of mentioned.
“He struck me as considerate, critical, and clear,” mentioned Boaz Weinstein, a hedge-fund supervisor who interacted with Barnum within the late Nineteen Nineties when Barnum labored in JPMorgan’s credit score buying and selling enterprise and the credit score derivatives market was in its infancy.
“He was profitable in constructing one of many prime desks on the Avenue.”
JPMorgan declined to make Barnum accessible for an interview.
The financial institution’s chief government, Jamie Dimon, described Barnum as an “extraordinary expertise” identified for his “deep mind and integrity” in saying his elevation on Tuesday as a part of a broader government shuffling.
Barnum joined JPMorgan in 1994 and had been main its world analysis division since February. Beforehand, he had been CFO of two enterprise models and a buying and selling government.
Though he’s identified properly in some elements of Wall Avenue and inside JPMorgan, Barnum has made few appearances at conferences or conferences with regulators in Washington and isn’t the kind to be noticed at outstanding social occasions.
However behind the scenes, Barnum has been influential inside JPMorgan, present and former colleagues mentioned.
He’s the form of chief who likes interacting with essentially the most junior staff and stepping into the center of companies to grasp how they function, they mentioned. He not often makes an necessary choice with out scrutinizing every thing that transpired earlier than a problem reached his desk.
It was not uncommon to see Barnum sitting at a junior staffer’s desk, poring by Excel sheets to find out how they got here to their conclusions, mentioned Al Moffitt, JPMorgan’s head of capital and liquidity administration throughout the treasury division, who beforehand labored for Barnum.
“In the identical morning that he has substantive conversations with the C-suite, he was presenting on Excel spreadsheet suggestions and methods,” Moffit mentioned.
In 2005, JPMorgan let Barnum go in a broader restructuring of its credit-trading enterprise, which had a tough prior 12 months. He then headed the London workplace of hedge fund Blue Mountain Capital Administration earlier than returning to JPMorgan as a dealer in 2007.
His star rose after JPMorgan purchased Bear Stearns the next 12 months, a number of individuals mentioned. The financial institution wanted individuals who understood the dangers they had been absorbing, and higher-ups took discover of Barnum’s abilities, they mentioned.
Barnum later turned the “go-to individual” when JPMorgan was implementing the post-crisis Volcker rule that required banks to show they weren’t buying and selling speculatively to earn earnings.
Dimon as soon as described the rule as one thing that required a dealer, a lawyer and a psychotherapist to implement accurately.
“He is aware of the best way to sort out advanced points and breaks them down into easy to-do’s,” mentioned Shahraab Ahmad, chief funding officer at hedge fund Decca Capital, who labored for Barnum after becoming a member of the financial institution as a trainee.
Barnum hung out as a youth in Spain, the place he realized to talk Spanish fluently. He returned to prep faculty in New England and attended Harvard College.
Some who know him say that banking was not a preordained selection, calling him a “actual mental” and noting he’s married to an creator and will simply as simply have grow to be an educational.
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