Trump Taps JPMorgan Executive as Unpaid Advisor to Social Security Administration
Former JPMorgan Chase Chief Operating Officer Matt Zames has been tapped by the Trump administration to serve as an unpaid advisor to the Social Security Administration. This move comes amid pressure on the agency to update its technology infrastructure and improve service delivery for millions of beneficiaries nationwide.
Zames, who began his career as a hedge-fund trader, rose to prominence at JPMorgan after helping manage the fallout from the bank's $6 billion 'London Whale' trading loss. He served as the lender's chief operating officer for about five years, spearheading technology upgrades and cost-cutting initiatives across the firm.
As an advisor, Zames will assist Commissioner Frank Bisignano, his former JPMorgan colleague, with the agency's modernization efforts. The appointment may signal a renewed emphasis on operational efficiency at the Social Security Administration.
The presence of two former JPMorgan executives in leadership-adjacent roles could potentially streamline decision-making around modernization priorities.