Bisignano Refutes Old Spying Claims as Fiserv Stock Drops 78%

The Allegations and the Denial

The Wall Street Journal reported Monday that Frank Bisignano, while co-chief operating officer at JPMorgan, surveilled colleagues to keep a tight rein on employees and to undermine his rivals. Bisignano denied the claims. "None of it's true," he told CNBC on Tuesday.

According to the Journal, Charlie Scharf, currently the CEO of Wells Fargo, was among those watched. "Charlie called me last night. We had a good laugh about it," Bisignano said.

In 2013, Jamie Dimon, CEO of JPMorgan, released a statement commending Bisignano following his exit from the bank. On Tuesday, a spokesperson for the bank informed CNBC that the company "applauds [Bisignano's] service to our country both at the Social Security Administration and the IRS," without addressing the spying allegations.

Scott Bessent, the Treasury Secretary, offered praise for Bisignano in a CNBC statement. "With decades of experience leading some of America's most successful companies, Frank Bisignano has brought proven executive leadership, operational excellence, and a results-driven mindset to the IRS," Bessent said. "He has done a terrific job delivering better service to taxpayers, eliminating waste, modernizing operations, and ensuring the agency works for the American people."

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The Stock Decline and the Sale

In 2013, Bisignano departed JPMorgan to lead the payments processor First Data. This firm subsequently combined with Fiserv. He departed Fiserv in 2025 to assume greater duties within the Trump administration.

Mike Lyons succeeded Bisignano as CEO, and after taking over, Lyons informed investors in July 2025 that the company had to update its financial forecasts. In October, Lyons stated that achieving the shareholder targets originally established under Bisignano would be "objectively difficult," and that Fiserv needed a "critical and necessary reset." Lyons has since left Fiserv.

Bisignano, when asked on CNBC about Fiserv's declining share price, said, "I know they went through a leadership change. That's never ... that good." Fiserv did not provide an immediate response when asked for comment.

Legal and Regulatory Matters

The class-action shareholder lawsuit, filed in New York's Southern District, claims that Fiserv deceived investors regarding its growth figures, and that Bisignano profited from an artificially high stock price. A lawyer representing Bisignano refused to discuss the ongoing case with the Wall Street Journal, noting that most of the stock drop occurred during Lyons' tenure.

In his role as IRS chief, Bisignano entered into a settlement with President Donald Trump that granted him immunity from certain tax audits. The settlement drew criticism from a federal judge last week.

Current Roles

The Senate confirmed Bisignano as Social Security commissioner in May 2025. In October, Bessent named him to the newly established post of IRS CEO.

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