Matt Zames, a former executive at JPMorgan Chase, has accepted an unpaid advisory position with the Social Security Administration, according to sources familiar with the appointment. Zames will work alongside Social Security Commissioner Frank Bisignano, who took the position last year. The two are former colleagues from JPMorgan, where Zames held the position of chief operating officer.
Zames brings extensive experience in financial management and organizational restructuring. During his time at JPMorgan, he was involved in addressing the bank’s “London Whale” trading loss and led technology and cost-reduction initiatives. Before joining the Social Security Administration, Zames worked at private equity firm Cerberus, where he oversaw technology investments and managed the company’s stake in Deutsche Bank. He has also founded an advisory and restructuring firm following his departure from Cerberus.
The appointment comes as the Social Security Administration faces significant modernization challenges, operating with outdated technology infrastructure. Beyond technological concerns, the agency’s retirement trust fund faces a projected depletion timeline of less than a decade, a situation that could necessitate benefit reductions for millions of Americans if not addressed.
In his new role, Zames will serve as a special government employee, which limits his position to 130 days of service. However, given that he will not be working full-time, this period could be extended over a longer timeframe. Zames also brings policy experience through prior positions on advisory groups related to the Treasury Department and Federal Reserve that focus on debt market issues.
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