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Frank Bisignano

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Frank Bisignano
Commissioner of the Social Security Administration
Presumptive nominee
Assuming office
TBD
PresidentDonald Trump (elect)
SucceedingCarolyn Colvin (acting)
Personal details
Born (1959-08-09) August 9, 1959 (age 65)
New York City, U.S.
Political partyRepublican
EducationBaker University[1]
Newport University (BS)[citation needed]

Frank J. Bisignano (born August 9, 1959) is an American businessman and the president and CEO of Fiserv. He previously was the CEO of First Data, and the COO of JPMorgan Chase.

In December 2024, president-elect Donald Trump named Bisignano as his nominee for commissioner of the Social Security Administration.[2]

Career

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Based in New York City, Bisignano started his career as a VP of both Shearson Lehman Brothers and First Fidelity Bank.[3] Starting in 1994, he held a number of executive positions at Citigroup,[4] with American Banker writing that "he got his payments industry bona fides at Citi by running its massive global transaction services unit."[5] In 2004 the publication Treasury and Risk named him one of the "100 most influential people in finance."[6]

Hired as CAO of JPMorgan Chase in 2005, CEO Jamie Dimon "trusted him with integrating the bank'’s purchases of a foundering Bear Stearns Cos. and bankrupt Washington Mutual Inc. during the crisis."[7] Bisignano was also a primary negotiator in JPMorgan's acquisition of the Canary Wharf property in London,[8] and CEO for several of JPMorgan's mortgage banking divisions.[4] In 2012 he was promoted to co-COO,[4] and the Financial Times called him "one of [JPMorgan]s most influential, yet least visible, executives."[9][10]

In 2013 Bisignano became chairman and CEO of First Data Corporation,[4][11] and his tenure attracted a fair amount of coverage in the press.[7][12][8][13] He oversaw a technological push at the company, and in 2014 First Data collaborated with Apple Inc. on Apple Pay.[13][7][14] Bisignano is also on the boards of organizations such as Continuum Health Partners and the Metro Atlanta Chamber of Commerce.[3] Following Fiserv's acquisition of First Data in 2019, Bisignano became Fiserv CEO in July 2020.[15]

A 2018 Bloomberg editorial suggested that in 2013, Bisignano might have been the source of a leak regarding a Federal investigation into possible manipulation of US energy markets by JP Morgan.[16]

Bisignano is consistently rated as one of the highest-paid CEOs in the United States. In 2017, The New York Times reported that his compensation exceeded $100 million.[17] His compensation was rated at approximately $40 million in 2019.[18] In December 2022 Bisignano signed a new contract with Fiserv to remain as president and CEO until 2027.[19] In 2023, Bisignano's total compensation from Fiserv was $27.9 million, up 57% from the previous year and representing a CEO-to-median worker pay ratio of 380-to-1[20]

Under Bisignano's tenure, hundreds of First Data and FiServ locations have closed, resulting in the termination of thousands of employees. Employees who previously had remote positions due to the COVID-19 pandemic or other legacy reasons have reportedly been particularly targeted.[21]

Politics

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Bisignano is a long-time supporter of the Republican Party, and Donald Trump in particular. He has donated hundreds of thousands of dollars towards Republican campaigns, including a $125,000 contribution to Trump Victory in 2019.[22]

His wife, Tracy Bisignano, also made significant contributions to the Trump 47 Committee, Inc. totaling $924,600 in October of 2024. [23]

References

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  1. ^ Rottinghaus, Steve (June 17, 2024). "Global financial leader and alumnus gives commencement address". alumni.bakeru.edu.
  2. ^ "President-elect Donald J. Trump picked Frank Bisignano, the chairman of the data processing behemoth Fiserv, to be the next commissioner of the Social Security Administration, a sizable federal agency with more than 1,200 field offices and almost 60,000 employees".
  3. ^ a b "Frank Bisignano Chairman and Chief Executive Officer". First Data. Archived from the original on February 8, 2015. Retrieved February 21, 2015.
  4. ^ a b c d "Frank J. Bisignano". Bloomberg Businessweek. Archived from the original on April 24, 2015. Retrieved February 21, 2015.
  5. ^ Aspan, Maria (April 28, 2013). "JPMorgan Co-COO Bisignano Departs to Run First Data". American Banker. Retrieved February 21, 2015.
  6. ^ "100 Most Influential People In Finance". Treasury and Risk. June 1, 2004. Retrieved February 21, 2015.
  7. ^ a b c Carey, David (September 16, 2014). "KKR Banks on Bisignano Forging Apple Deal at First Data". Bloomberg Businessweek. Retrieved February 21, 2015.
  8. ^ a b "First Data's new CEO Frank Bisignano faces debt burden, needs growth". The Economic Times. April 30, 2013. Archived from the original on January 22, 2014. Retrieved February 21, 2015.
  9. ^ Guerrera, Francesco (February 15, 2011). "'Frankie B' takes pivotal role in JPMorgan". Financial Times. Retrieved February 21, 2015.
  10. ^ "Top Lieutenant of Dimon Is Departing JPMorgan". The New York Times. April 28, 2013.
  11. ^ Swearngan, Chip (April 28, 2013). "First Data Names Frank Bisignano Chief Executive Officer". First Data. Retrieved February 21, 2015.
  12. ^ Sender, Henny (September 18, 2014). "KKR seeks to make the numbers work at First Data". Financial Times. Retrieved February 21, 2015.
  13. ^ a b Sidel, Robin (February 10, 2015). "First Data Reports First Quarterly Profit in More Than Seven Years". Wall Street Journal. Retrieved February 21, 2015.
  14. ^ Tulshyan, Ruchika (May 31, 2013). "First Data's new CEO focused on innovation". Atlanta Business Chronicle.
  15. ^ "Frank J. Bisignano President and Chief Executive Officer". Fiserv. Retrieved July 26, 2021.
  16. ^ "Peter Thiel's data-mining company is using War on Terror tools to track American citizens. The scary thing? Palantir is desperate for new customers". Bloomberg.com. Retrieved July 26, 2021.
  17. ^ "The Highest-Paid C.E.O.s in 2017". The New York Times. May 25, 2018. Retrieved January 7, 2022.
  18. ^ "Fiserv COO Frank Bisignano's 2019 pay jumps 232% to $40M". Execpay.org. Retrieved July 26, 2021.
  19. ^ "Fiserv Enters into New Contract with Frank Bisignano" (Press release). December 21, 2022.
  20. ^ "Equilar 100: CEO Pay at the Largest Companies by Revenue". Equilar. June 7, 2024. Archived from the original on August 15, 2024. Retrieved August 31, 2024.
  21. ^ "FiServ cuts deeper into workforce". Paymentsdive.com. Retrieved July 20, 2024.
  22. ^ FEC Public Election Contributions (Report). Federal Election Commission. Retrieved July 12, 2020.
  23. ^ FEC Public Election Contributions (Report). Federal Election Commission. Retrieved December 5, 2024.
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External videos
video icon Video of Bisignano on CNBC in February 2014, discussing First Data's partnership with VISA
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