The Social Security Administration is bringing in a former Wall Street executive to help modernize the agency's operations. SSA Commissioner Frank Bisignano previously announced an effort to overhaul the agency’s technology systems that serve tens of millions of Americans, and now former JPMorgan Chase executive Matt Zames is joining the SSA in an unpaid advisory role focused on technology modernization and operational improvements. Newsweek reached out to the SSA for comment.
"Our hiring efforts this year are aligned with the commissioner's goal to transform service delivery across all channels by leveraging new technology, implementing process improvements and updating tools to better serve the public," the SSA previously told MarketWatch. More than 70 million Americans receive Social Security benefits, and many of them rely on their payments as the bulk of their retirement income. Any effort to modernize the SSA's systems could affect how retirees and disabled workers file claims and receive payments.
Zames is a former chief operating officer at JPMorgan Chase who became known for helping the bank navigate the fallout from its 2012 multibillion-dollar "London Whale" trading loss. During his time there, he oversaw technology and cost-cutting initiatives and was even once viewed as a potential successor to JPMorgan CEO Jamie Dimon. After leaving JPMorgan in 2017, Zames became president of private equity firm Cerberus, where he worked on technology investments and restructuring efforts.
He later founded his own advisory and restructuring firm. He has also served on Treasury Department and Federal Reserve advisory groups focused on financial markets. And that appears to be exactly what Commissioner Frank Bisignano wants from him.” Zames will begin work at SSA headquarters in Baltimore as an unpaid adviser helping Bisignano modernize the agency's technology infrastructure.
The commissioner and Zames previously worked together at JPMorgan Chase. Experts say the Social Security Administration still relies heavily on decades-old technology systems, but Zames' experience leading technology projects in the private sector is expected to play a key role in the modernization effort. Millions of older and disabled Americans still depend heavily on telephone and in-person service, and disruptions to service or these revisions being mishandled could create more issues than solutions.” Under federal rules, Zames will serve as a special government employee, a designation that generally limits service to 130 days, but the arrangement could extend longer because he is not expected to work full time.
Zames’ appointment comes during a period of significant change at the SSA. The agency has recently pursued workforce reductions and technology upgrades under the Trump administration and Bisignano's leadership. At the same time, Social Security is facing longer-term funding challenges.
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