Frank Bisignano, the head of the Internal Revenue Service and Social Security Administration, denied allegations that he spied on JPMorgan Chase colleagues while serving as co-chief operating officer at the bank more than a decade ago. “None of it’s true,” Bisignano told CNBC on Tuesday, July 21, 2026, responding to a Wall Street Journal report published the day before.
The Journal reported that Bisignano directed staff to monitor colleagues’ communications while he was co-COO, seeking information to “keep a tight rein on employees” and to “undermine his rivals,” according to sources cited by the outlet. One of the subjects of the alleged surveillance was Charlie Scharf, who later became CEO of Wells Fargo.
Bisignano characterized the Journal’s reporting as poor journalism and said he and Scharf had discussed the story. “Charlie called me last night. We had a good laugh about it,” Bisignano told CNBC. His attorney denied the allegations to the Journal, stating that Bisignano never directed anyone to engage in surveillance or examine employee communications.
Bisignano left JPMorgan in 2013 to become chief executive officer of First Data, a payments processor that later merged with Fiserv. He joined the Trump administration as commissioner of the Social Security Administration in May 2025, and Treasury Secretary Scott Bessent appointed him CEO of the IRS in October 2025, a newly created position.
In a statement to CNBC, Treasury Secretary Scott Bessent defended Bisignano’s record. “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.”
JPMorgan CEO Jamie Dimon praised Bisignano in a 2013 statement when he left the bank. A JPMorgan spokesperson told CNBC on Tuesday that the bank “applauds [Bisignano’s] service to our country both at the Social Security Administration and the IRS,” without addressing the spying allegations directly.
The denial comes as Bisignano faces scrutiny over his dual roles running both the IRS and Social Security Administration. Democratic senators have criticized Bisignano over misleading statements related to his tenure at the Social Security Administration, and he has faced questions about his leadership at Fiserv before joining the federal government.
Sources
- CNBC — Bisignano’s denial of spying allegations and his statement about Scharf’s reaction; Treasury Secretary Bessent’s statement in support; details on Bisignano’s career trajectory
- Bloomberg — Confirmation of Bisignano’s denial and the Wall Street Journal report
- Wall Street Journal — Original reporting of the surveillance allegations, including Scharf as a subject
