Former JPMorgan Executive Matt Zames Joins Social Security Administration as Unpaid Advisor

Matt Zames, a former chief operating officer of JPMorgan Chase, is slated to begin an unpaid advisory role with the Social Security Administration (SSA) in late August. The appointment is limited to 130 days as a “special government employee,” a ceiling that can be spread over a longer period because Zames will not serve full-time. He will work under SSA Commissioner Frank Bisignano, a former JPMorgan colleague who assumed the post after Senate confirmation in 2025.

Ex JPM COO Matt Zames to Advise Social Security Administration

Zames spent roughly five years as JPMorgan Chase’s COO, where he led technology upgrades and cost-cutting initiatives, including efforts to resolve the bank’s $6 billion “London Whale” trading loss. After leaving JPMorgan in 2017, he became president of private-equity firm Cerberus, overseeing tech investments and the turnaround of its Deutsche Bank stake. He departed Cerberus in 2021 and founded an advisory and restructuring firm. Zames has also served on Treasury Department and Federal Reserve advisory groups focused on debt-market issues.

CNBCEx JPM COO Matt Zames to Advise Social Security Administration

The SSA relies on decades-old information-technology systems, prompting calls for a comprehensive modernization effort. Agency officials have warned that the retirement trust fund could be exhausted in less than a decade, a scenario that might force benefit reductions for millions of Americans. Zames’ private-sector experience in technology and cost efficiency is intended to help the SSA address both its aging IT infrastructure and long-term fiscal sustainability.

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Commissioner Bisignano has emphasized a customer-focused approach, pledging to cut wait times for callers and improve overall beneficiary experience. He has also indicated plans to employ artificial-intelligence tools to detect fraud, waste, and abuse without altering benefit amounts.

Ex JPM COO Matt Zames to Advise Social Security Administration

“On the phone, I’m committed to reducing wait times and providing beneficiaries with a better experience. Waiting 20-minutes-plus to get an answer will be [a thing] of yesteryear.” — Ahead

Ex JPM COO Matt Zames to Advise Social Security Administration