Social Security Taps Wall Street Expert for Tech Overhaul

The Social Security Administration has brought in Matt Zames, a former JPMorgan Chase executive, to help modernize its operations. Zames will work as an unpaid adviser on technology modernization and operational improvements.

Zames is known for helping JPMorgan navigate the fallout from its 2012 'London Whale' trading loss. He has also worked on technology investments and restructuring efforts at Cerberus, a private equity firm he founded.

The SSA's Commissioner Frank Bisignano previously announced an effort to overhaul the agency's outdated technology systems, which serve tens of millions of Americans. The modernization effort is expected to improve how retirees and disabled workers file claims and receive payments.