CEO Frank Bisignano of the Internal Revenue Service (IRS) has firmly denied accusations of spying on colleagues during his time at JPMorgan Chase. This statement comes after a report from The Wall Street Journal claimed that Bisignano, who was a co-chief operating officer at JPMorgan, conducted surveillance to maintain control over employees and to weaken competition among executives.
One of the individuals allegedly monitored was Charlie Scharf, now CEO of Wells Fargo. Bisignano mentioned that he and Scharf joked about the story, indicating that he found the allegations unfounded.
Wells Fargo has yet to comment on Bisignano’s remarks. Meanwhile, Treasury Secretary Scott Bessent has praised Bisignano for his leadership at the IRS. Bessent highlighted Bisignano’s commitment to improving taxpayer services and modernising IRS operations.
In 2013, after leaving JPMorgan, Bisignano became the CEO of payments processor First Data, which later merged with Fiserv. He departed Fiserv in 2025 to take on an increased role within the Trump administration, ultimately becoming IRS CEO. Recently, Bisignano was assigned to implement a new savings account scheme introduced by last year’s tax law.
Bisignano also faces scrutiny due to a class-action lawsuit in New York, which claims that Fiserv misled investors regarding its growth figures while he was leading the company. The lawsuit alleges Bisignano benefited from inflated stock prices before leaving for government service.
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