Frank Bisignano
{{Short description|American businessman (born 1959)}}
{{Use mdy dates|date=March 2025}}
{{Infobox officeholder
| name = Frank Bisignano
| image = Frank Bisignano for Wikipedia page.jpg
| caption = Bisigano in 2025
| office = 18th Commissioner of the Social Security Administration
| president = Donald Trump
| term_start = May 7, 2025
| term_end =
| predecessor = Leland Dudek (acting)
| successor =
| birth_date = {{birth date and age|1959|8|9}}
| birth_place = New York City, U.S.
| death_date =
| death_place =
| party = Republican
| education = Baker University
Newport University (BS)
}}
Frank J. Bisignano (born August 9, 1959) is an American businessman and currently the commissioner of Social Security. He previously was the president and CEO of Fiserv, CEO of First Data, and the COO of JPMorgan Chase. He was consistently rated as one of the highest-paid CEOs in the United States, reportedly having reached $100 million in 2017. Frank has the lowest CEO ratings out of all Fortune 500 companies - often linked with his dictatorial and old fashioned management style focusing on profit rather than people.
In December 2024, president-elect Donald Trump named Bisignano as his nominee for commissioner of the Social Security Administration. On January 28, 2025, the Senate had received the message of withdrawal of nomination from the President, who later restored the nomination. The Senate voted on May 6, 2025, to confirm Bisignano as commissioner of the Social Security Administration.{{cite web |last=Bernard |first=Tara Siegel |title=Senate Confirms Frank Bisignano as Social Security Commissioner |website=The New York Times |date=May 6, 2025 |url=https://www.nytimes.com/2025/05/06/business/social-security-frank-bisignano.html |access-date=May 19, 2025}}
On May 7, 2025, Bisignano was sworn in as the 18th commissioner of Social Security.{{cite web |title=Financial Services Industry Leader Frank Bisignano to be the 18th Commissioner of Social Security |website=Social Security Administration |date=May 7, 2025 |url=https://www.ssa.gov/news/press/releases/2025/#2025-05-07 |access-date=May 19, 2025}}
Early life and career
Bisignano is the son of Italian immigrants and grew up in the Mill Basin neighborhood of Brooklyn, New York.https://seniorsecurityalliance.org/in-the-news-so-who-is-social-security-commissioner-nominee-frank-bisignano/ He attended Baker University and graduated from Newport University in California.{{cite web |last=Rottinghaus |first=Steve |date=June 17, 2024 |title=Global financial leader and alumnus gives commencement address |url=https://alumni.bakeru.edu/global-financial-leader-and-alumnus-gives-commencement-address |website=alumni.bakeru.edu}}{{cite press release | title=First Data Names Frank Bisignano Chief Executive Officer | publisher=First Data | url=https://www.sec.gov/Archives/edgar/data/883980/000110465913036508/a13-11269_1ex10d3.htm | access-date=March 30, 2025}} Based in New York City, Bisignano started his career as a VP of both Shearson Lehman Brothers and First Fidelity Bank. Starting in 1994, he held several executive positions at Citigroup, with American Banker writing that "he got his payments industry bona fides at Citi by running its massive global transaction services unit." In 2004, the publication Treasury and Risk named him one of the "100 most influential people in finance".
Hired as CAO of JPMorgan Chase in 2005, CEO Jamie Dimon "trusted him with integrating the bank's purchases of a floundering Bear Stearns Cos. and bankrupt Washington Mutual Inc. during the crisis". Bisignano was also a primary negotiator in JPMorgan's acquisition of the Canary Wharf property in London, and CEO for several of JPMorgan's mortgage banking divisions. In 2012, he was promoted to co-COO, and the Financial Times called him "one of [JPMorgan']s most influential, yet least visible, executives".{{Cite news |date=April 28, 2013 |title=Top Lieutenant of Dimon Is Departing JPMorgan |url=https://dealbook.nytimes.com/2013/04/28/key-executive-said-to-be-leaving-jpmorgan-chase/?_r=0 |work=The New York Times}}
In 2013, Bisignano became chairman and CEO of First Data Corporation, and his tenure attracted press coverage. He oversaw a technological push, and in 2014, First Data collaborated with Apple Inc. on Apple Pay.{{Cite news |last=Tulshyan |first=Ruchika |date=May 31, 2013 |title=First Data's new CEO focused on innovation |url=http://www.bizjournals.com/atlanta/print-edition/2013/05/31/first-datas-new-ceo-focused-on.html?page=all |work=Atlanta Business Chronicle}} Bisignano is also on the boards of organizations such as Continuum Health Partners and the Metro Atlanta Chamber of Commerce. Following Fiserv's acquisition of First Data in 2019, Bisignano became Fiserv CEO in July 2020.
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.
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. In 2019, his compensation was estimated at $40 million. In December 2022, Bisignano signed a new contract with Fiserv to remain as president and CEO until 2027.{{Cite press release |title=Fiserv Enters into New Contract with Frank Bisignano |date=December 21, 2022 |url=https://www.businesswire.com/news/home/20221221005599/en/Fiserv-Enters-into-New-Contract-with-Frank-Bisignano}} 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.{{Cite web |date=June 7, 2024 |title=Equilar 100: CEO Pay at the Largest Companies by Revenue |url=https://www.equilar.com/reports/111-table-equilar-new-york-times-top-100-highest-paid-ceos-2024.html |url-status=live |archive-url=https://web.archive.org/web/20240815195403/https://www.equilar.com/reports/111-table-equilar-new-york-times-top-100-highest-paid-ceos-2024.html |archive-date=August 15, 2024 |access-date=August 31, 2024 |website=Equilar |language=en}}
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.. Bisignano was heavily criticised for his leadership during his time with Fiserv resulting in high attrition and drop in share price. His view on lack of flexibility and focusing on people showcased his lack of empathy which later was picked up by opposition parties prior to him joining the Trump administration.
=SSA commissioner=
In December 2024, president-elect Donald Trump named Bisignano as his nominee for commissioner of the Social Security Administration.{{Cite web|url=https://www.nytimes.com/live/2024/12/04/us/trump-news/04f7e2ae-8788-5dea-bb5f-288187215ad1|title=Update from Minho Kim|date=December 5, 2024}} On January 28, 2025, the Senate had received the message of withdrawal of nomination from the President, who later restored the nomination.Frank’s reputation of being an unempathetic leader with a cruel approach on his employees at Fiserv was raised many times, along with his hire and fire approach, later linked to how he may be as a government leader. {{Cite web|url=https://www.senate.gov/pagelayout/legislative/one_item_and_teasers/nom_wdr.htm|title=U.S. Senate: Nominations Withdrawn|website=senate.gov}}{{Cite web|url=https://www.finance.senate.gov/hearings/hearing-to-consider-the-nomination-of-frank-bisignano-of-new-jersey-to-be-commissioner-of-social-security-administration-for-the-term-expiring-january-19-2031-vice-martin-omalley-resigned|title=Hearing to Consider the Nomination of Frank Bisignano, of New Jersey, to be Commissioner of Social Security Administration for the term expiring January 19, 2031, vice Martin O'Malley, resigned | publisher=The United States Senate Committee on Finance}}
The Senate Finance Committee scheduled March 25, 2025, for Bisignano to speak and answer questions about his qualifications to be the commissioner for the Social Security Administration.{{Cite web |date=March 22, 2025 |title=Crapo Announces SSA Commissioner Nomination Hearing | publisher=The United States Senate Committee on Finance |url=https://www.finance.senate.gov/ranking-members-news/crapo-announces-ssa-commissioner-nomination-hearing |access-date=March 23, 2025 |language=en}} The Senate voted on May 6, 2025, to confirm Bisignano as commissioner of the Social Security Administration, and he was officially sworn in on May 7, 2025.
Bisignano had stated, according to an article in the Federal News Network:[https://federalnewsnetwork.com/workforce/2025/05/social-security-commissioner-has-no-intent-to-rif-people-looks-to-ai-to-speed-up-work/ "'What the heck's the commissioner of Social Security?' SSA chief says he Googled agency after being tapped for job"] Federal News Network, May 21, 2025.
[A]fter being tapped by the Trump administration to lead the agency, I don’t think the commissioner of Social Security is like a globally known title. It is to you, right? But, like, it wasn't to me. I’m like, "Well, what am I gonna do?". So I’m Googling "Social Security". That’s one of my great skills, I'm one of the great Googlers on the East Coast.... I’m like, "What the heck's the commissioner of Social Security?"Political commentator Steve Benen said that "the fact that the new Social Security commissioner, up until recently, had no idea what the Social Security commissioner’s responsibilities entailed does not inspire confidence",{{Cite web |date=2025-05-23 |title=Leaked audio suggests Trump’s new Social Security chief had to Google his own job |url=https://www.msnbc.com/rachel-maddow-show/maddowblog/leaked-audio-suggests-trumps-new-social-security-chief-google-job-rcna208797 |access-date=2025-06-04 |website=MSNBC.com |language=en}} but "[a]n SSA official said Bisignano was 'clearly' making a joke about needing to Google the details and responsibilities of his new role".{{Cite web |date=2025-05-23 |title=Trump’s new head of Social Security had to Google his new job when offered |url=https://www.the-independent.com/news/world/americas/us-politics/frank-bisignano-social-security-boss-google-b2756380.html |access-date=2025-06-04 |website=The Independent |language=en}}
Politics
Bisignano is a long-time supporter of the Republican Party and of Donald Trump in particular. He has donated hundreds of thousands of dollars to Republican campaigns, including a $125,000 contribution to Trump Victory in 2019.{{Cite report |url=https://www.fec.gov/data/receipts/individual-contributions/?contributor_name=Frank+Bisignano |title=FEC Public Election Contributions |publisher=Federal Election Commission |access-date=July 12, 2020}}
His wife, Tracy Bisignano, also made significant contributions to the Trump 47 Committee, Inc. totaling $924,600 in October 2024.{{Cite report |url= https://www.fec.gov/data/receipts/individual-contributions/?contributor_name=Tracy+Bisignano |title=FEC Public Election Contributions |publisher=Federal Election Commission |access-date=December 5, 2024}}
References
{{reflist| refs =
{{Cite news |title=Frank Bisignano Chairman and Chief Executive Officer |url=https://www.firstdata.com/en_us/about-first-data/leadership-team/frank-bisignano-bio.html |archive-url=https://web.archive.org/web/20150208061904/https://www.firstdata.com/en_us/about-first-data/leadership-team/frank-bisignano-bio.html |archive-date=February 8, 2015 |access-date=February 21, 2015 |publisher=First Data}}
{{Cite news |title=Frank J. Bisignano |url=http://investing.businessweek.com/research/stocks/people/person.asp?personId=2133325&ticker=JPM |url-status=dead |archive-url=https://archive.today/20150424143921/http://investing.businessweek.com/research/stocks/people/person.asp?personId=2133325&ticker=JPM |archive-date=April 24, 2015 |access-date=February 21, 2015 |work=Bloomberg Businessweek}}
{{Cite news |last=Aspan |first=Maria |date=April 28, 2013 |title=JPMorgan Co-COO Bisignano Departs to Run First Data |url=http://www.americanbanker.com/issues/178_81/jpmorgan-co-coo-bisignano-departs-to-run-first-data-1058693-1.html |access-date=February 21, 2015 |work=American Banker}}
{{Cite news |last=Swearngan |first=Chip |date=April 28, 2013 |title=First Data Names Frank Bisignano Chief Executive Officer |url=http://www.businesswire.com/news/home/20130428005058/en/Data-Names-Frank-Bisignano-Chief-Executive-Officer#.VOly-Er9rw5 |access-date=February 21, 2015 |work=First Data}}
{{Cite news |date=April 30, 2013 |title=First Data's new CEO Frank Bisignano faces debt burden, needs growth |url=http://articles.economictimes.indiatimes.com/2013-04-30/news/38930200_1_first-data-corp-energy-future-holdings-buyouts |archive-url=https://web.archive.org/web/20140122133914/http://articles.economictimes.indiatimes.com/2013-04-30/news/38930200_1_first-data-corp-energy-future-holdings-buyouts |archive-date=January 22, 2014 |access-date=February 21, 2015 |work=The Economic Times}}
{{Cite news |last=Carey |first=David |date=September 16, 2014 |title=KKR Banks on Bisignano Forging Apple Deal at First Data |url=https://www.bloomberg.com/news/2014-09-16/kkr-banks-on-bisignano-forging-apple-deal-at-first-data.html |access-date=February 21, 2015 |work=Bloomberg Businessweek}}
{{Cite news |last=Sender |first=Henny |date=September 18, 2014 |title=KKR seeks to make the numbers work at First Data |url=http://www.ft.com/intl/cms/s/0/3adee562-3d30-11e4-a2ab-00144feabdc0.html |access-date=February 21, 2015 |work=Financial Times}}
{{Cite news |last=Sidel |first=Robin |date=February 10, 2015 |title=First Data Reports First Quarterly Profit in More Than Seven Years |url=https://www.wsj.com/articles/first-data-reports-first-quarterly-profit-in-more-than-seven-years-1423602902 |access-date=February 21, 2015 |work=Wall Street Journal}}
{{Cite news |last=Guerrera |first=Francesco |date=February 15, 2011 |title='Frankie B' takes pivotal role in JPMorgan |url=http://www.ft.com/intl/cms/s/0/e6547a4a-3868-11e0-959c-00144feabdc0.html#axzz3T3hJh0vb |access-date=February 21, 2015 |work=Financial Times}}
{{Cite news |title=Frank J. Bisignano President and Chief Executive Officer |url=https://newsroom.fiserv.com/management/frank-bisignano |access-date=July 26, 2021 |publisher=Fiserv}}
{{Cite news |date=May 25, 2018 |title=The Highest-Paid C.E.O.s in 2017 |url=https://www.nytimes.com/interactive/2018/05/25/business/ceo-pay-2017.html |access-date=January 7, 2022 |work=The New York Times}}
{{Cite news |title=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. |url=https://www.bloomberg.com/features/2018-palantir-peter-thiel/ |access-date=July 26, 2021 |work=Bloomberg.com}}
}}
External links
{{external media| float =right | video1 = [http://www.ceo.com/media_type/videos/securing-your-credit-card-with-evm-technology/ Video of Bisignano on CNBC in February 2014, discussing First Data's partnership with VISA]}}{{Dead link|date=February 2025}}
- [https://www.firstdata.com/en_us/about-first-data/leadership-team/frank-bisignano-bio.html Frank Bisignano] at First Data
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{{s-ttl|title=Commissioner of the Social Security Administration|years=2025–present}}
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{{SSA commissioners}}
{{DEFAULTSORT:Bisignano, Frank}}
Category:American chief operating officers
Category:American money managers
Category:American people of Italian descent
Category:American technology chief executives
Category:Baker University alumni
Category:Businesspeople from New York (state)
Category:Commissioners of the Social Security Administration
Category:JPMorgan Chase people
Category:Newport University (California) alumni
Category:People from Mill Basin, Brooklyn