IRS chief Frank Bisignano dismisses JPMorgan spying allegations

Key Points:

• IRS CEO Frank Bisignano denied allegations reported by The Wall Street Journal that he spied on JPMorgan Chase executives, including Wells Fargo CEO Charlie Scharf, during his tenure as co-chief operating officer over a decade ago.
• Treasury Secretary Scott Bessent praised Bisignano's leadership and operational improvements at the IRS, highlighting his efforts to modernize the agency and improve taxpayer services.
• Bisignano previously led payments processor First Data, which merged with Fiserv, and left Fiserv in 2025 to join the Trump administration, where he now holds leadership roles at both the IRS and Social Security Administration.
• Bisignano is named in a class-action shareholder lawsuit alleging Fiserv misled investors about growth, with the company’s stock dropping 78% since its March 2025 peak; Bisignano sold shares during a blackout period after leaving the company.
• JPMorgan and Wells Fargo have not directly addressed the spying allegations, and Bisignano’s attorney declined to comment on the ongoing litigation.