Frank J. Bisignano (born August 9,1959) is an American businessman and currently the 18th commissioner of the United States Social Security Administration. He previously served as the president and CEO of Fiserv,as the CEO of First Data,and as the COO of JPMorgan Chase. He was consistently rated as one of the highest-paid CEOs in the United States,reportedly having reached $100 million in 2017.
In December 2024,president-elect Donald Trump named Bisignano as his nominee for commissioner of the Social Security Administration. On January 28,2025,the Senate had received the message of withdrawal of nomination from the president,who later restored the nomination. The Senate voted on May 6,2025,and confirmed Bisignano as commissioner of the Social Security Administration.[1] On May 7,2025,Bisignano was sworn in as the 18th commissioner of Social Security.[2]
Early life and career
Bisignano is the son of Italian immigrants and grew up in the Mill Basin neighborhood of Brooklyn,New York.[3] He attended Baker University and graduated from Newport University in California.[4][5] Based in New York City,Bisignano started his career as a VP of both Shearson Lehman Brothers and First Fidelity Bank.[6] Starting in 1994,he held several executive positions at Citigroup,[7] with American Banker writing that "he got his payments industry bona fides at Citi by running its massive global transaction services unit."[8] In 2004,the publication Treasury and Risk named him one of the "100 most influential people in finance".[9]
Hired as CAO of JPMorgan Chase in 2005,CEO Jamie Dimon "trusted him with integrating the bank's purchases of a floundering Bear Stearns Cos. and bankrupt Washington Mutual Inc. during the crisis".[10] Bisignano was also a primary negotiator in JPMorgan's acquisition of the Canary Wharf property in London,[11] and CEO for several of JPMorgan's mortgage banking divisions.[7] In 2012,he was promoted to co-COO,[7] and the Financial Times called him "one of [JPMorgan']s most influential,yet least visible,executives".[12][13]
A 2018 Bloomberg editorial suggested that in 2013,Bisignano might have been the source of a leak regarding a Federal investigation into possible manipulation of US energy markets by JP Morgan.[19]
Bisignano is consistently rated as one of the highest-paid CEOs in the United States. In 2017,The New York Times reported that his compensation exceeded $100 million.[20] In 2019,his compensation was estimated at $40 million.[21] In December 2022,Bisignano signed a new contract with Fiserv to remain as president and CEO until 2027.[22] In 2023,Bisignano's total compensation from Fiserv was $27.9 million,up 57% from the previous year and representing a CEO-to-median worker pay ratio of 380-to-1.[23]
Under Bisignano's tenure,hundreds of First Data and FiServ locations have closed,resulting in the termination of thousands of employees. Employees who previously had remote positions due to the COVID-19 pandemic or other legacy reasons have reportedly been particularly targeted.[24] Bisignano was heavily criticised for his leadership during his time with Fiserv resulting in high attrition and drop in share price.[citation needed]
Social Security Administration
In December 2024,president-elect Donald Trump named Bisignano as his nominee for commissioner of the Social Security Administration.[25] On January 28,2025,the Senate had received the message of withdrawal of nomination from the president,who later restored the nomination. Bisignano’s cold-hearted reputation towards his employees at Fiserv was raised many times,along with his hire and fire approach,as likely predictors of how he would be as a government leader. [26][27]
The Senate Finance Committee scheduled March 25,2025,for Bisignano to speak and answer questions about his qualifications to be the commissioner for the Social Security Administration.[28] The Senate voted on May 6,2025,to confirm Bisignano as commissioner of the Social Security Administration,by a party-line vote of 53–47.[1] and he was officially sworn in on May 7,2025.[2]
[A]fter being tapped by the Trump administration to lead the agency,I don’t think the commissioner of Social Security is like a globally known title. It is to you,right? But,like,it wasn't to me. I’m like,"Well,what am I gonna do?" So I’m Googling "Social Security". That’s one of my great skills,I'm one of the great Googlers on the East Coast.... I’m like,"What the heck's the commissioner of Social Security?"
Political commentator Steve Benen said that "the fact that the new Social Security commissioner,up until recently,had no idea what the Social Security commissioner’s responsibilities entailed does not inspire confidence",[30] but "[a]n SSA official said Bisignano was 'clearly' making a joke about needing to Google the details and responsibilities of his new role".[31]
After the passage of the One Big Beautiful Bill Act,the SSA sent out an email to Social Security beneficiaries praising Donald Trump and the passage of the bill. The email was criticized for being overtly political and possibly violating the Hatch Act.[32]
Politics
Bisignano is a long-time supporter of the Republican Party and of Donald Trump in particular. He has donated hundreds of thousands of dollars to Republican campaigns,including a $125,000 contribution to Trump Victory in 2019.[33]
His wife,Tracy Bisignano,also made significant contributions to the Trump 47 Committee,Inc. totaling $924,600 in October 2024.[34]
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