© Reuters. FILE PHOTO: A JPMorgan emblem is seen in New York Metropolis, U.S., January 10, 2017. REUTERS/Stephanie Keith/File Picture
By Elizabeth Dilts Marshall and Svea Herbst-Bayliss
(Reuters) – Jeremy Barnum just isn’t the hard-charging, power-hungry kind that individuals typically affiliate with these within the high 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 who enjoys mentoring junior employees and doesn’t let his ego get in the way in which of others’ success, in response to half a dozen associates who spoke to Reuters.
Barnum, 48, would slot in simply as nicely instructing college students in an elbow-patched sweater as presenting JPMorgan’s technique in a tailor-made swimsuit, 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 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 high desks on the Avenue.”
JPMorgan declined to make Barnum out there for an interview.
The financial institution’s chief govt, Jamie Dimon, described Barnum as an “extraordinary expertise” recognized for his “deep mind and integrity” in asserting his elevation on Tuesday as a part of a broader govt 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 govt.
Though he’s recognized nicely 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 distinguished social occasions.
However behind the scenes, Barnum has been influential inside JPMorgan, present and former colleagues mentioned.
He’s the sort of chief who likes interacting with probably the most junior staff and entering into the center of companies to know how they function, they mentioned. He hardly ever makes an necessary choice with out scrutinizing every little thing that transpired earlier than a difficulty reached his desk.
It was not uncommon to see Barnum sitting at a junior staffer’s desk, poring by means of Excel sheets to learn the way they got here to their conclusions, mentioned Al Moffitt, JPMorgan’s head of capital and liquidity administration inside 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 ideas and methods,” Moffit mentioned.
In 2005, JPMorgan let Barnum go in a broader restructuring of its credit-trading enterprise, which had a tough prior yr. 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 yr, a number of folks mentioned. The financial institution wanted individuals who understood the dangers they have been absorbing, and higher-ups took discover of Barnum’s skills, 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 deal with 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 frolicked as a youth in Spain, the place he discovered 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 alternative, calling him a “actual mental” and noting he’s married to an writer and will simply as simply have turn out to be an instructional.