By Ginika Igboke
Frank Bisignano is often described as a turnaround specialist, but he sees himself differently—a builder focused on strengthening organizations and delivering value.
With nearly 40 years in financial services, Bisignano has played key roles at major institutions such as Citigroup and JPMorgan Chase. He helped guide operations through critical periods, including the aftermath of the 9/11 attacks and the 2008 financial crisis. Later, he led the merger of First Data and Fiserv, creating the world’s largest payment processing and financial technology company.
In 2025, he brought that experience into public service under President Donald Trump, who praised him as “a business leader with a tremendous track record of transforming large corporations” when nominating him as commissioner of the Social Security Administration. He was also appointed CEO of the IRS, a role designed to oversee the agency’s daily operations.
Early Life and Work Ethic
Bisignano’s approach to leadership is rooted in his upbringing. The grandson of Southern Italian immigrants, he grew up in a working-class family in Brooklyn, New York.
“My dad was an orphan, one of 15 children,” he said.
His father, a World War II veteran, spent 46 years in customs enforcement and received the Treasury Department’s highest career service honor, the Albert Gallatin Award.
“He was an unbelievable role model,” Bisignano said, crediting his father’s life experience for shaping his own values of service and resilience.
At just 14, Bisignano took his first job at a neighborhood milk-and-egg store, where he began developing the work ethic that would define his career.
Wall Street Career and 9/11 Leadership
Bisignano started on Wall Street in the late 1970s with a summer internship at Bear Stearns. By 25, he became the youngest senior vice president at American Express.
He later held senior leadership roles at Citigroup, including chief administrative officer. During the Sept. 11, 2001, terrorist attacks, Citigroup occupied 39 floors in 7 World Trade Center, which was severely damaged and ultimately collapsed.
Bisignano led the relocation of more than 16,000 employees and helped restore most telecommunications systems within an hour. Within 10 days, the bank resumed nearly all operations.
“There’s nothing more important than taking care of your people,” he said.
Years later, he was diagnosed with throat cancer, which he attributed to prolonged exposure in Lower Manhattan after the attacks. He described the experience as a turning point in his life.
Leadership Through Financial Crisis and Industry Transformation
In 2005, Bisignano joined JPMorgan Chase, overseeing operations, technology, and real estate. He later became CEO of its mortgage banking division, helping steer the bank through the 2008 financial crisis.
He also led negotiations among the nation’s largest mortgage servicers in a $25 billion settlement addressing foreclosure and housing issues—an effort that helped stabilize the housing market.
In 2013, he became CEO of First Data, a company struggling with slow growth and heavy debt. Under his leadership, it transformed into a technology-driven enterprise, returning to profitability within two years.
He led its $2.56 billion initial public offering in 2015—the largest in the United States that year—and later oversaw its merger with Fiserv in 2019, significantly expanding the company’s global reach.
As chairman and CEO of Fiserv, he managed operations processing more than 250 million payments daily, totaling over $2.5 trillion.
Driving Reform at Social Security and the IRS
At his confirmation hearing, Bisignano pledged to bring the same performance-driven mindset to government.
At the IRS, he inherited an agency facing widespread complaints about customer service, including long wait times and dropped calls. Under his leadership, reforms have focused on improving efficiency and responsiveness.
“We’ve implemented dramatic change,” he said, noting faster service and quicker refund processing.
The agency hired more than 2,200 new customer service representatives ahead of the 2026 tax season and introduced upgrades tied to the Working Families Tax Cut. Early indicators suggest increased efficiency and larger refund distributions.
Meanwhile, the Social Security Administration launched a “Digital First” initiative to modernize services. This includes expanded online access, upgraded phone systems, and reduced wait times.
Bisignano noted that 90 percent of calls can now be handled through automation or callbacks, reducing overall call volume. Phone wait times have been cut in half, and in-person wait times have dropped by about 30 percent.
A Vision for Lasting Change
Bisignano says his goal is not short-term fixes but long-term transformation.
“I want transformational change that is here for generations,” he said.
He credits mentors throughout his career for shaping his leadership style and emphasizes the importance of developing talent within organizations.
Now serving in dual leadership roles, he says his mission is clear: deliver meaningful improvements that benefit both government operations and the public.
“I came here to serve the country,” he said, “and to make change for the benefit of the federal government and the American public.”
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