Frank Bisignano, currently leading the Internal Revenue Service and the Social Security Administration, has been accused of corporate spying and misusing company funds during his time at JPMorgan Chase over a decade ago. These allegations were detailed in a recent Wall Street Journal report.
During his tenure at the bank, where he held senior positions including co-chief operating officer under CEO Jamie Dimon, Bisignano allegedly spied on colleagues. The report claims he used his authority over the security department and his position to access sensitive information and internal communications without apparent business justification. One executive reportedly targeted was Charles Scharf, who was then Dimon's consumer bank chief.
The report also cited allegations of misuse of company resources, including the corporate jet for personal purposes. Wells Fargo CEO Charles Scharf, who worked with Bisignano at JPMorgan Chase, stated that while he had heard past rumors of spying, he had "never seen any spying." Scharf added that he and Bisignano had discussed the matter after the story ran, and they "joked" about it.
JPMorgan Chase investigated these claims and, according to a senior executive with firsthand knowledge, found no evidence of wrongdoing. A spokesperson for The Wall Street Journal defended their reporting, stating it is "accurate, thoroughly vetted, and backed by multiple knowledgeable sources."
Bisignano, through his attorney, has denied each allegation. The alleged incidents occurred more than a decade ago. Since leaving JPMorgan Chase in 2013, Bisignano has had a notable career, serving as CEO of First Data and later Fiserv before joining the Trump administration. He was brought in to reform the IRS and Social Security Administration, institutions known for bureaucratic processes, by applying his Wall Street expertise.
His move to government service has seen him hire former JPMorgan Chase executive Vince LaPadula as his second-in-command at the IRS. LaPadula stated that Jamie Dimon, when asked about working for Bisignano, recommended it, calling him "Mr. Fix It."