Troy Rohrbaugh
JPMORGAN CHASE &About Troy Rohrbaugh
Troy Rohrbaugh is Co‑CEO of JPMorgan Chase’s Commercial & Investment Bank (CIB) and a member of the Operating Committee. He became Co‑CEO in January 2024 after serving as Co‑Head of Markets & Securities Services (June 2023–Jan 2024) and previously Head of Global Markets (starting in 2019). He joined J.P. Morgan in 2005 and earlier managed FX options businesses at Goldman Sachs and Banque Nationale after starting his career trading options at CooperNeff. He holds a B.A. in Political Science from Johns Hopkins University (1992) .
In 2024 the Firm delivered record performance (managed revenue $180.6B; net income $58.5B; ROTCE 22%), and CIB generated $70.1B revenue and $24.8B net income with ROE 18%, sustaining #1 positions across IB fees and Markets. These results anchor pay‑for‑performance alignment for Operating Committee members, including Rohrbaugh .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| JPMorgan Chase | Co‑CEO, Commercial & Investment Bank | Jan 2024–present | Co‑led integration of Commercial Bank and CIB; advanced industry‑leading positions; record revenue across Payments, Markets, and Securities Services |
| JPMorgan Chase | Co‑Head, Markets & Securities Services | Jun 2023–Jan 2024 | Modernization and collaboration across Markets and Securities Services franchises |
| JPMorgan Chase | Head of Global Markets | 2019–Jun 2023 | Led Rates, FX, EM, Commodities; strengthened incident/change management and resilience |
| JPMorgan Chase | Global Head, FX Derivatives (joined JPM) | 2005–(earlier career role) | Built global FX derivatives capability after prior leadership in Asia/North America FX options |
| Goldman Sachs | Managed North American FX Options business | Pre‑2005 | Led regional FX options risk and client franchise |
| Banque Nationale | Led Asia FX Options business | Pre‑2005 | Expanded FX options capabilities across Asia |
| CooperNeff (Philadelphia Stock Exchange) | Options trader | Pre‑1995 | Foundation in options market‑making/trading |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| New York Fed Foreign Exchange Committee | Chair | — | Industry FX standards and best‑practice leadership |
| GFMA Foreign Exchange Group | Chair | — | Global policy coordination in FX markets |
| Bank of England Joint Standing Committee | Member | — | Market structure and infrastructure oversight engagement |
| Johns Hopkins KSAS Advisory Board | Member | — | Academic advisory and talent pipeline |
| Gilman School | Board of Trustees | — | Community and education governance |
| The Frannie Foundation | Founding/Advisory Board member | — | Non‑profit advisory leadership |
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Base salary | $1,000,000 | U.S. Operating Committee salaries increased by $250,000 to $1,000,000 effective Jan 1, 2024 |
| Cash incentive | $9,200,000 | Awarded for 2024 performance under balanced, holistic framework |
| RSUs (fair value) | $6,900,000 | Other NEO pay mix: 30% RSUs of variable compensation |
| PSUs (fair value) | $6,900,000 | Other NEO pay mix: 30% PSUs of variable compensation |
| Options/SARs | $0 | No options/SARs granted to Operating Committee members in 2024 |
| All other compensation | $5,373 | Includes $4,000 employer non‑matching 401(k) and ~$1,373 estimated U.K. tax gross‑up related to JPMS plc Board service |
Performance Compensation
| Incentive Type | Metric | Weight in variable pay | Target/Scale | Actuals referenced | Payout mechanics | Vesting |
|---|---|---|---|---|---|---|
| Cash Award | Balanced 4 dimensions: Business Results; Risk, Controls & Conduct; Client/Stakeholder; Teamwork & Leadership | 40% (other NEOs) | Holistic assessment; ~50% weight “what” (results) and ~50% “how” | Firm 2024 managed revenue $180.6B, net income $58.5B, ROTCE 22% | Immediate vest (cash) | Paid Jan following performance year |
| RSUs | Time‑based retention equity | 30% (other NEOs) | Dividend equivalents; protection‑based vesting features apply | Grant 1/16/2024: 40,164 RSUs; grant date FV $6,675,000 | Vests 50%/50% over 2–3 years | Two equal installments on Jan 13, 2026 and Jan 13, 2027 |
| PSUs | 3‑yr average ROTCE, absolute and relative vs peers | 30% (other NEOs) | Payout 0–150%; absolute max ≥18%, zero <6%; relative requires top rank for 150% | Firm 2022–2024 reported ROTCE 18%, 21%, 22%; 2021 PSU vested at 150% on Mar 25, 2025 | Cliff‑vest at year 3; 2‑yr holding post‑vest | 2024 PSUs (granted 1/16/2024) vest Mar 25, 2027; transferable after 2‑yr hold (2030) |
Equity Ownership & Alignment
| Item | Value | Detail |
|---|---|---|
| Common stock owned (outright) | 158,381 | As of Feb 28, 2025 (Security ownership table) |
| Additional underlying stock units (credited) | 249,476 | Includes unvested RSUs/PSUs and deferred equivalents per firm methodology |
| Total credited ownership | 407,857 | Sum of common + underlying units |
| Shares outstanding (record date) | 2,782,996,294 | As of Mar 21, 2025 |
| Ownership as % of outstanding | ~0.0147% (407,857 ÷ 2,782,996,294) | Calculated from reported totals |
| Unvested RSUs | 173,739 | As of Dec 31, 2024 |
| Unvested PSUs (maximum unearned units incl. dividend equivalents) | 132,446 | As of Dec 31, 2024 (payout subject to 0–150% scale) |
| Options/SARs outstanding | None shown for Rohrbaugh | 2024 options exercised: none for NEOs |
| 2024 stock vested (shares) | 113,743 shares; $21,271,512 value | Value realized at vesting in 2024 |
| Ownership guideline & retention | OC members must accumulate 200k–400k shares or $10–$30M; retain 75% of net shares until guideline met, then 50% thereafter (75% for CEO) | Strengthens alignment; includes 50% credit for unvested RSUs/PSUs toward guideline |
| Hedging/pledging | Prohibited for OC members (no margin or pledging of directly held shares; no hedging unvested awards) | Anti‑hedging/anti‑pledging provisions |
Employment Terms
| Provision | JPM Policy (NEOs) | Notes |
|---|---|---|
| Employment agreements | None (at‑will) | No special executive contracts |
| Change‑in‑control | No golden parachute; no accelerated cash/equity on CIC | CIC does not trigger special benefits |
| Severance | Broad‑based plan; capped at one year base salary (max $400,000) | Employees may be considered for discretionary cash in lieu of annual bonus upon termination without cause |
| Equity treatment on termination | Continued vesting under specified scenarios (full‑career eligibility; disability; death), subject to clawback and post‑employment obligations | Death accelerates vesting; full‑career resignation conditions restrict working in profession/financial services |
| Government Office provision | Continued vesting if resigning to accept covered government office (with ethics restrictions), subject to clawback | No OC member received benefits in 2024 |
| Clawback/Recovery | Robust clawbacks on cash and equity for restatement, misconduct, risk/control failures, protection‑based vesting tests (up to 50% cancellation), CET1 hurdle; NYSE 10D‑1 policy adopted | No OC clawbacks taken in 2024 |
Troy Rohrbaugh – Potential Payments (as of Dec 31, 2024)
| Scenario | Severance & Other | RSUs | PSUs |
|---|---|---|---|
| Involuntary (without cause) | $392,308 | $25,502,267 | $37,103,161 |
| Resignation per Full‑Career Eligibility | — | $25,502,267 | $37,103,161 |
| Disability | — | $25,502,267 | $37,103,161 |
| Death | — | $25,502,267 | $42,496,395 |
Notes: Full‑career eligibility requires that, during vesting, the employee does not perform services for a financial services company or work in their profession (exceptions for government, education, non‑profit); awards remain subject to clawback and post‑employment obligations .
Retirement and Deferred Compensation
- Pension present value (Retirement Plan): $95,496; credited service 14 years .
- Non‑qualified deferred compensation: No reported balances or earnings for Rohrbaugh in 2024 (entries “—”) .
Performance & Track Record
| CIB 2024 highlights | Figures |
|---|---|
| Revenue; Net income; ROE | $70.1B revenue; $24.8B net income; ROE 18% |
| IB fees; Payments revenue; Fixed Income; Equities; Securities Services | $9.1B (+37%); $18.1B (+1%); $20.1B (+5%); $9.9B (+13%); $5.1B (+7%) |
| Rankings & achievements | #1 in global IB fees (16th consecutive year, 9.3% wallet), #1 in Total Markets (11.4% wallet, #1 Fixed Income; #2 Equities); #1 in M&A, ECM, DCM; record revenue across Payments, Markets, Securities Services |
| Execution & control | Enhanced risk anticipation, incident/change management, progressed regulatory matters, accountability and culture |
Compensation Structure Analysis
- Pay mix aligns with long‑term equity exposure: for other NEOs (including Rohrbaugh), 60% of incentive in equity (30% RSUs; 30% PSUs) and 40% in cash .
- PSU design ties payouts to absolute/relative ROTCE with rigorous thresholds (≥18% for max; <6% zero), 3‑yr performance plus 2‑yr post‑vest hold, CET1 capital risk hurdle and protection‑based vesting .
- No options granted in 2024; limited perquisites; a small estimated U.K. tax gross‑up was reported for Rohrbaugh’s JPMS plc Board role ($1,373) .
Risk Indicators & Red Flags
- Hedging/pledging prohibited for OC members; margin accounts disallowed, mitigating alignment risks .
- Robust clawback framework across cash/equity; no OC clawbacks in 2024 .
- Minor tax gross‑up in “all other compensation” ($1,373) tied to U.K. director role – small magnitude but noted .
Compensation Peer Group and PSU Peers
- Primary financial services peer group used for benchmarking: American Express, Bank of America, Citigroup, Goldman Sachs, Morgan Stanley, Wells Fargo .
- PSU peers for relative ROTCE include Bank of America, Barclays, Capital One, Citigroup, Deutsche Bank, Goldman Sachs, HSBC, Morgan Stanley, UBS, Wells Fargo .
Investment Implications
- Strong alignment: sizeable unvested RSUs/PSUs (306,185 units as of year‑end) extend exposure through 2027 vesting and 2029 holding, reducing near‑term selling pressure alongside 50–75% share retention requirements .
- Governance discipline: at‑will employment, capped severance ($400k plan cap applies firm‑wide), no golden parachutes, and rigorous clawbacks limit asymmetric downside for shareholders .
- Execution track: CIB’s record and #1 rankings under Rohrbaugh’s leadership support pay‑for‑performance structures; continued PSU linkage to ROTCE fosters sustained capital returns focus .
- Watch item: minimal tax gross‑up reported; otherwise limited perquisites and no option overhang in 2024 .