Former JPMorgan Chase executive Matt Zames will join the Social Security Administration (SSA) in an unpaid advisory capacity, supporting the agency’s efforts to modernize its operations. Zames begins his role at SSA’s headquarters in Baltimore, Maryland, where his office has already been prepared. The move aligns with the agency's leadership, as Social Security commissioner Frank Bisignano, also a former JPMorgan colleague, took office last year.

Zames’s background includes a significant tenure at JPMorgan, where he served as chief operating officer and played key roles in addressing major challenges, such as the $6 billion “London Whale” trading loss. He was regarded as a potential CEO successor before departing in 2017. After JPMorgan, Zames led private equity firm Cerberus as president, focusing on technology investments and managing the firm’s stake in Deutsche Bank, and later started an advisory and restructuring business in 2021.

With experience on Treasury and Federal Reserve advisory groups related to debt markets, Zames is well-positioned to address the SSA’s technological hurdles. The agency currently relies on outdated systems, which complicate its mission to manage social welfare programs efficiently. Modernization is critical as the SSA faces financial pressures, including the projected exhaustion of its retirement trust fund within the next decade, threatening potential benefit reductions for millions of Americans.

As a special government employee, Zames is authorized to work with the SSA for up to 130 days, though his advisory role is not full-time and might be spread over an extended period. His expertise in financial operations and technology aims to support Commissioner Bisignano’s goals of streamlining and updating the Social Security Administration, helping to safeguard the program’s future amidst looming fiscal challenges.