By Kristin Jones
J.P. Morgan Chase & Co. (JPM) has named Tim Ryan, recently the chief executive of a key trade group for U.S. financial markets, to head its regulatory strategy and policy efforts.
Mr. Ryan has served as the CEO of the Securities Industry and Financial Markets Association, or Sifma, since 2009. He is also a veteran of J.P. Morgan, where he was vice chairman of investment banking for financial institutions and governments.
He also has experience as a regulator himself. Prior to joining J.P. Morgan in 1993, Mr. Ryan directed the Office of Thrift Supervision, a banking regulatory agency in the U.S. Treasury Department.
"We are extremely pleased that Tim will be returning to J.P. Morgan Chase," said Co-Chief Operating Officer Matt Zames. "More than at any time in our history, regulatory strategy and policies around the world are affecting our business and how we serve clients. Tim has both a deep knowledge of these policies and the government representatives formulating them, and also knows our businesses and executives extremely well from his 16 years at the firm."
Mr. Ryan said he believed his experience would be helpful to the bank as U.S. and international banking regulations and housing policies continue to evolve.
J.P. Morgan, along with other banks, has campaigned against a wave of new rules sparked by the financial crisis, fearing they would hurt profits. Its efforts were hurt last year by the "London whale" incident--bad trades that resulted in about $6 billion in losses.
Shares were down eight cents in recent trading to $45.33. The stock is up 34% in the past six months.
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