Matt Zames, then-chief operating officer of JPMorgan Chase, center, in New York, Feb. 27, 2017.
Kholood Eid | Bloomberg | Getty Images
Former JPMorgan Chase executive Matt Zames will join the Trump administration as an advisor to the Social Security agency.
Zames is taking an unpaid position to assist his former JPMorgan colleague Frank Bisignano, now Social Security Commissioner, in modernizing the agency.
He begins Monday at Social Security Administration headquarters in Baltimore, Maryland, where an office placard with his name has been installed.
Zames, a former hedge fund trader who gained prominence at JPMorgan after resolving the bank’s $6 billion “London Whale” incident, served as chief operating officer for five years. He led technology and cost-reduction initiatives and was considered a top candidate to succeed CEO Jamie Dimon until his departure in 2017.
After leaving Cerberus in 2021, Zames founded an advisory and restructuring firm.
Zames, who has also served on key Treasury and Federal Reserve advisory groups related to debt markets, is joining an agency reliant on aging technology systems.
Additionally, the SSA faces potential benefit cuts for millions of Americans as its trust fund is projected to deplete within a decade.
As a special government employee, Zames’ role could extend beyond 130 days due to part-time commitments, according to sources.
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