Unpaid Banking Whiz Joins Trump Administration as Social Security Advisor

Former JPMorgan Chase executive Matt Zames is joining the Trump administration as an advisor to the Social Security agency. He will not be paid for this role, and his title is special government employee. According to people familiar with the move, who requested anonymity because they weren't authorized to speak publicly about it, Zames is on hand to assist Frank Bisignano, a former JPMorgan colleague, with modernizing the agency.

Bisignano took over as Social Security commissioner last year, and his agency runs on technology systems that date back decades. Projections show the SSA depleting its retirement trust fund in under ten years, an outcome that could force benefit cuts affecting millions of Americans.

Zames made his name at JPMorgan in part by helping the bank clean up its $6 billion 'London Whale' debacle. He served roughly five years as its chief operating officer and was widely regarded as a leading candidate to replace CEO Jamie Dimon right up until he left in 2017.