Trump Picks Banking Executive to Lead Social Security Administration [View all]

https://www.nytimes.com/2024/12/04/us/politics/frank-bisignano-social-security.html

Trump Picks Banking Executive to Lead Social Security Administration
Frank Bisignano has spent his career at major Wall Street banks. He has a long history of political giving, mainly to Republicans.
By Minho Kim
Dec. 4, 2024, 10:08 p.m. ET

President-elect Trump announced on Wednesday night that he had chosen Frank Bisignano, the chairman of the payment processing behemoth Fiserv, to be the commissioner of the Social Security Administration, a sizable federal agency with more than 1,200 field offices and almost 60,000 employees.

“Frank is a business leader, with a tremendous track record of transforming large corporations,” the president-elect said in a post on social media. “He will be responsible to deliver on the Agency’s commitment to the American People.”

Mr. Bisignano vaulted into one of the most coveted positions in the New York finance world in his late 20s as a senior vice president of what was then known as Shearson Lehman Brothers, the investment bank whose collapse in 2008 helped set off a global recession. After nearly five years at the bank in the late 1980s, he moved to other major Wall Street banks, first to Morgan Stanley, then to Citigroup and then JPMorgan Chase & Company.

Mr. Bisignano was listed as the second-highest-paid chief executive in the country in 2017, one of the few to have been compensated more than $100 million that year and to have received more than 2,000 times the average employee’s salary at his firm, First Data Corporation, which later merged with Fiserv.

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