IRS chief Frank Bisignano denies JPMorgan surveillance claims

Frank Bisignano, now a senior federal official, rejected allegations that he monitored other JPMorgan executives more than a decade ago. For investors, the story links several major names, including JPMorgan, Wells Fargo and Fiserv, while putting fresh attention on Bisignano’s move from corporate leadership into government.

Bisignano told CNBC on Tuesday that the allegations were false. “None of it’s true,” he said, referring to a Wall Street Journal report about his time as co-chief operating officer at JPMorgan.

The Wall Street Journal reported Monday that Bisignano surveilled colleagues while at the bank, saying he sought information to control employees and weaken internal rivals. The Journal said one person targeted was Charlie Scharf, who later became chief executive of Wells Fargo.

Bisignano told CNBC that Scharf contacted him after the Journal story appeared. “Charlie called me last night. We had a good laugh about it,” Bisignano said.

Wells Fargo did not immediately respond to CNBC’s request for comment on Bisignano’s remarks.

From JPMorgan to Washington

Bisignano left JPMorgan in 2013 to lead First Data, a payments processor that later combined with Fiserv. He left Fiserv in 2025 as he took on roles in the Trump administration.

The Senate confirmed Bisignano as commissioner of the Social Security Administration in May 2025. In October, Treasury Secretary Scott Bessent appointed him to the newly created role of chief executive officer of the Internal Revenue Service, according to CNBC.

Bessent also assigned Bisignano last week to oversee the rollout of the Trump account savings vehicle created by the prior year’s Republican tax-and-policy law, CNBC reported. Bisignano continues to hold leadership roles at both the IRS and the Social Security Administration.

As IRS chief, Bisignano signed a settlement with President Donald Trump that gave Trump immunity from some tax audits, according to CNBC. A federal judge criticized that settlement last week.

Fiserv questions follow Bisignano’s exit

Bisignano is also named in a class-action shareholder lawsuit filed in the Southern District of New York. The lawsuit alleges that Fiserv misled investors about its growth figures and that Bisignano benefited from a share price that was artificially inflated.

An attorney for Bisignano did not immediately respond to CNBC’s question about the lawsuit. The attorney declined to comment to the Wall Street Journal on active litigation and said much of Fiserv’s share-price decline happened under Mike Lyons, who succeeded Bisignano as CEO.

Bisignano sold Fiserv shares to meet federal ethics requirements after entering government. The Wall Street Journal reported that at least $77 million of those sales occurred in July 2025, after Bisignano left Fiserv but during a blackout period, a company window when certain insiders are restricted from trading, that applied to existing executives.

After those sales, Lyons told investors in July 2025 that Fiserv would need to revise its guidance, meaning the company’s own targets for future results. In October, Lyons said the shareholder guidance originally set under Bisignano would be “objectively difficult to achieve” and said Fiserv needed a “critical and necessary reset.”

Fiserv shares were down 78% from their March 2025 peak under Bisignano through Tuesday morning, according to FactSet data cited by CNBC. Lyons has since left Fiserv. Asked by CNBC about the stock decline, Bisignano said he was no longer at the company and noted that Fiserv had gone through a leadership change.

Fiserv did not immediately respond to CNBC’s request for comment.

This story draws on original reporting from CNBC.