Trump admin taps former JPMorgan Chase exec Matt Zames to advise Social Security agency

Matt Zames, a former JPMorgan Chase executive who managed the bank’s Chief Investment Office after the 2012 trading scandal, has been tapped for an unpaid advisory role at the Social Security Administration. He starts Monday at agency headquarters in Baltimore to assist Commissioner Frank Bisignano with technology modernization.

The Trump administration has brought on former JPMorgan Chase executive Matt Zames as an advisor to the Social Security Administration. Zames enters the agency in an unpaid capacity to help modernize its operations, joining former colleague Frank Bisignano, who took over as Social Security commissioner last year.

Baltimore Headquarters Arrival and Special Government Status

Zames begins his assignment at Social Security Administration headquarters in Baltimore, Maryland, where an office placard bearing his name is already in place. Because he serves as a special government employee working on a part-time basis, his 130-day term can be spread out over an extended period.

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People familiar with the move requested anonymity because they lacked authorization to discuss it publicly. Bisignano previously served as JPMorgan Chase’s chief operating officer before transitioning to lead the federal agency.

Crisis Management Track Record at JPMorgan Chase

Zames built his reputation at JPMorgan as a hedge-fund trader who climbed the ranks after helping clean up the bank’s $6 billion “London Whale” mess. In the aftermath of the 2012 “London Whale” trading scandal, he took over the bank’s Chief Investment Office, succeeding Ina Drew after she stepped down over billions of dollars in losses.

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He subsequently served as JPMorgan’s chief operating officer for roughly five years, steering technology initiatives and cost-cutting projects. Before his departure in 2017, he was widely viewed as a leading candidate to succeed Jamie Dimon.

Private Equity Leadership and Advisory Background

Following his departure from JPMorgan, Zames moved to private equity firm Cerberus in 2018 as president. During his tenure there, he supervised technology investments and assisted in turning around the firm’s stake in Deutsche Bank.

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After leaving Cerberus in 2021, he launched an independent advisory and restructuring firm. His resume also includes advisory positions on key Treasury and Federal Reserve groups focused on debt markets.

Technology Overhaul and Trust Fund Pressures

Zames steps into an agency grappling with decades-old technology systems that require substantial modernization. Beyond these infrastructure hurdles, projections indicate the agency’s retirement trust fund will be exhausted in less than a decade, a timeline that threatens to trigger benefit cuts for millions of Americans.