Fiserv Inc.’s former CEO, who now leads the Internal Revenue Service and Social Security Administration, reportedly spied on fellow executives while he was co-chief operating officer at JPMorgan Chase.
Frank Bisignano left JPMorgan Chase, one of the nation’s largest banks, after complaints about his behavior led the company’s CEO to lose trust in him, according to a Wall Street Journal article.
Bisignano left the bank to become CEO of First Data, which later merged with Fiserv – where he became CEO in 2020.
He left the Milwaukee-based financial technology services provider in May 2025 after President Donald Trump appointed him as Social Security commissioner. Also, Bisignano in October was named CEO of the Internal Revenue Service − a new position reporting directly to Treasury Secretary Scott Bessent.
Five months after Bisignano resigned as Fiserv CEO, the company reported a big earnings miss – which Bisignano’s successor attributed to to unrealistic growth projections, cost-cutting that limited customer service deliveries, and relying on short-term initiatives that neglected building long-term relationships.
That led to a 44% stock price plunge on Oct. 30, with shareholders suing the company.
Between May and August 2025, Bisignano and his family netted roughly $560 million from selling their Fiserv shares – according to U.S. Securities and Exchange Commission filings reviewed by the New York Times.
The stock sales were required under federal ethics rules after Bisignano was confirmed as Social Security commissioner.
Bisignano’s lawyer told the Wall Street Journal he never spied on his JPMorgan Chase colleagues, and that Bisignano voluntarily left to become CEO of First Data.
The newspaper, quoting people familiar with Bisignano’s activities at the bank, reported “he spied on fellow executives – using his authority over the security department and position to access sensitive information and internal communications without an apparent business justification.”
“The people said Bisignano’s goal was to keep a tight rein on employees and use the information to undermine his rivals as he expanded his responsibilities. No allegations are known to pertain to the improper access of customer information.
“Around the end of 2012, following years of complaints about his behavior, including allegations of disrespectful conduct toward colleagues and underlings and of the breaking of company norms around data collection, Chief Executive Jamie Dimon lost trust in him and told Bisignano he would support him finding a job elsewhere, people familiar with the matter said,” the July 20 article reported.
A White House spokeswoman said Bisignano “is a trusted and talented member of the President’s team who is doing an incredible job.”
Bisignano’s successor at Fiserv, Mike Lyons, resigned his position after around 18 months to become CEO of Truist Financial Corp., the company announced June 15. He was succeeded by Co-President Takis Georgakopoulos.
Fiserv Co-President Dhivya Suryadevara has since resigned, according to a July 7 filing with the U.S. Securities and Exchange Commission. She joined Fiserv last August and was named co-president with Georgakopoulos in December.
Tom Daykin can be emailed at tdaykin@jrn.com and followed on Instagram, Bluesky, X and Facebook.
This article originally appeared on Milwaukee Journal Sentinel: Ex-Fiserv CEO spied on colleagues, report says. He now leads IRS
Reporting by Tom Daykin, Milwaukee Journal Sentinel / Milwaukee Journal Sentinel
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By Tom Daykin, Milwaukee Journal Sentinel | USA TODAY Network
