Matt Zames, a veteran financial executive who previously served as chief operating officer of JPMorgan Chase, has been appointed to an advisory role at the Social Security Administration. Zames will work with Social Security Commissioner Frank Bisignano, his former colleague from JPMorgan, in an unpaid capacity beginning Monday at the agency’s Baltimore headquarters.
Zames brings extensive experience in technology modernization and cost reduction from his time at JPMorgan Chase, where he held the chief operating officer position for approximately five years. During his tenure at the bank, he was instrumental in resolving the firm’s $6 billion “London Whale” trading loss and pursued various technology and efficiency initiatives. He was previously considered a potential successor to CEO Jamie Dimon before departing the institution in 2017.
Following his departure from JPMorgan Chase, Zames served as president of private equity firm Cerberus, where he directed technology investments and managed the firm’s substantial stake in Deutsche Bank before leaving in 2021. He subsequently established an advisory and restructuring consulting firm. Additionally, he has held positions on advisory boards for the Treasury Department and Federal Reserve focused on debt market issues.
The Social Security Administration faces significant operational challenges, including reliance on aging computer systems that require modernization. The agency is also confronting a long-term fiscal crisis, with projections indicating the retirement trust fund could be depleted within the coming decade, a situation that could necessitate reductions in benefits for millions of Americans. Under his appointment as a special government employee, Zames is authorized to serve for up to 130 days, though this timeframe may be extended given his part-time status.
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