Trump Administration Taps JPMorgan Veteran for Social Security Advisor Role

Former JPMorgan executive Matt Zames has joined the Trump administration as an unpaid advisor to the Social Security Administration. He will assist Commissioner Frank Bisignano, a former JPMorgan colleague, with modernization efforts. The appointment was confirmed by people familiar with the move.

Zames' background in technology and cost reduction may be relevant to the agency's goals of updating its aging infrastructure and streamlining service delivery. His relationship with Commissioner Bisignano dates back to their time at JPMorgan. Zames is set to begin his new role on Monday at the Social Security Administration headquarters in Baltimore, Maryland.

As a former hedge-fund trader, Zames rose to prominence at JPMorgan after helping clean up the bank's $6 billion 'London Whale' derivatives loss. He served as chief operating officer for approximately five years and spearheaded technology and cost-cutting initiatives during his tenure.