Matt Zames Joins Social Security as Unpaid Adviser for Up to 130 Days
Updated
Updated · CNBC · Aug 21
Matt Zames Joins Social Security as Unpaid Adviser for Up to 130 Days
1 articles · Updated · CNBC · Aug 21
Summary
Matt Zames will start Monday at Social Security Administration headquarters in Baltimore as an unpaid adviser to Commissioner Frank Bisignano, taking a special government employee role that can last up to 130 days.
Bisignano brought in his former JPMorgan colleague to help modernize an agency still reliant on decades-old technology systems, according to people familiar with the move.
Zames was JPMorgan's chief operating officer for about five years after helping clean up the bank's $6 billion London Whale fallout, then led tech investments at Cerberus before launching his own advisory firm in 2021.
The assignment lands at a pivotal moment for SSA: beyond its aging systems, the agency's trust fund is projected to run dry in less than a decade, raising the risk of benefit cuts for millions of Americans.