Tim Ryan, president and CEO of the Securities Industry and Financial Markets Association (SIFMA), resigned Tuesday to work at JPMorgan Chase.
Ryan (left) will depart on Feb. 23 to become global head of regulatory policy and strategy at JPMorgan (JPM), where he worked as vice chairman of investment banking for financial institutions and governments prior to joining SIFMA. Ryan has served as president and CEO of SIFMA since April 2008.
On Monday, the SIFMA Executive Committee appointed Kenneth E. Bentsen Jr., executive vice president, public policy and advocacy at SIFMA, as acting president and CEO of SIFMA effective when Ryan departs. Additionally, SIFMA said its board of directors will embark on a search for a permanent president and CEO.
“I am proud to have led SIFMA and our industry during the past five years, through a time of important and expansive regulatory reform,” said Ryan, in a statement. “From the beginning, we have supported smart, workable regulatory reform. My goal at SIFMA has been to provide thoughtful information and analysis to regulators so they have the tools necessary to create reasonable regulations that create a safer financial system without negatively impacting the economy. I believe we have made progress toward that goal. I am grateful for the talented staff of SIFMA and the invaluable involvement of our member firms, both of which have been instrumental in helping to move smart, workable reform forward.”
Ryan said that he's "looking forward" to coming back to JPMorgan. "As Dodd Frank, Basel, EU, FSB and housing policies continue to evolve, I believe my experience can help the businesses across JPMorgan Chase continue to adapt and thrive."
Chet Helck (right), SIFMA board chairman and the CEO of Raymond James Financial's Global Private Client Group, said in the same statement: “On behalf of SIFMA’s board of directors, I want to thank Tim for his dedicated service during the past five years. Tim has led SIFMA and our industry advocacy efforts during a truly unprecedented time in our industry’s history. Tim’s unwavering commitment to ensuring the financial services industry has played a productive role in the financial regulatory reform process has enabled open and constructive dialogue with lawmakers and regulators, in turn creating a more workable regulatory framework. We wish Tim all the best in his future endeavors.”
Before joining SIFMA in 2008, Ryan was vice chairman of investment banking for financial institutions and governments at JPMorgan. Prior to joining JPMorgan in 1993, Ryan was the director of the Office of Thrift Supervision (OTS) in the U.S. Treasury Department.
From 1983 to 1990, Ryan was a partner in the Washington, D.C., office of the law firm Reed, Smith, Shaw & McClay, where he headed the Pension Investment Group and was a member of the firm’s executive committee. From 1981 to 1983, he was solicitor of Labor at the U.S. Department of Labor.