IRS Commissioner Frank Bisignano dismisses JPMorgan spying allegations

Internal Revenue Service CEO Frank Bisignano has denied allegations that he spied on fellow executives while on the job. JP Morgan Chase Age over ten years. “None of it is true,” Bisignano told CNBC on Tuesday.

The Wall Street Journal reported Monday that Mr. Bisignano supervised his colleagues at JPMorgan while he was co-chief operating officer. He “tightly held employees in check” and sought information to “undermine rivals,” the paper said. One of those targeted was Charlie Scharf, currently the CEO of Wells Fargo, the paper said.

“Charlie called me last night and we had a good laugh about it,” Bisignano said.

wells fargo Bisignano did not immediately respond to a request for comment on his remarks.

Treasury Secretary Scott Bessent praised Bisignano in a statement sent to CNBC after his broadcast. “Frank Bisignano brings proven executive leadership, operational excellence and a results-oriented mindset to the IRS with decades of experience leading some of America’s most successful companies,” Bessent said.

“He has done an outstanding job of better serving taxpayers, eliminating waste, modernizing operations, and making government agencies work for the American people,” Bessent said.

JPMorgan CEO Jamie Dimon issued a statement in 2013 praising Bisignano after he left the bank. A spokesperson told CNBC on Tuesday that the bank “admires (Bisignano’s) service to our country both at the Social Security Administration and the IRS,” but did not address the spying allegations.

Bisignano left JPMorgan in 2013 to run payment processing company First Data. The company later merged with Fiserv.

Bisignano left fiserv In 2025, he will take on additional responsibilities under the Trump administration. He was confirmed by the Senate as Administrator of the Social Security Administration in May 2025. Mr. Bessent appointed him to the newly created CEO position at the IRS in October.

Bessent last week tasked Bisignano with overseeing implementation of the Trump Account savings vehicle created by last year’s Republican Tax and Policy Act, CNBC reported. He will continue to serve in leadership roles at the IRS and Social Security Administration.

As IRS commissioner, Mr. Bisignano signed a settlement with President Donald Trump that exempted him from certain tax audits. A federal judge criticized the settlement last week.

Bisignano has been named as a candidate in the shareholder class action lawsuit in the Southern District of New York. The complaint alleges that Fiserv misled investors about its growth rate and that Bisignano profited from artificially inflated stock prices.

Mr. Bisignano’s lawyer did not immediately respond to CNBC’s questions about the lawsuit, but he declined to comment on active litigation to the Wall Street Journal and said much of the stock price decline occurred under Mike Lyons, who took over as CEO from Mr. Bisignano.

fiserv’s After Mr. Bisignano left for the Trump administration, the stock price plummeted. Mr. Bisignano sold his shares in Fiserv to fulfill his ethical obligations to the federal government. At least $77 million of that amount occurred in July 2025, after Mr. Bisignano left the company, but during a blackout period for existing executives, the paper reported.

Lyons told investors in July 2025 after these sales that Fiserv would need to revise its guidance. Mr. Lyons said in October that achieving the company’s shareholder guidelines originally set under Mr. Bisignano would be “objectively difficult” and that the company would undergo a “significant and necessary reset.”

Fiserv stock has fallen 78% by Tuesday morning from its peak under Bisignano in March 2025, according to FactSet data. Lyons then left Fiserv.

Bisignano said on CNBC that he is no longer with Fiserv when asked about the decline in the company’s stock price. “I know they went through a leadership change, and it’s never… that good.”

Fiserv did not respond to a request for comment.