Matt Zames, then-chief working officer of JPMorgan Chase, heart, in New York, Feb. 27, 2017.
Kholood Eid | Bloomberg | Getty Photographs
Former JPMorgan Chase govt Matt Zames will be part of the Trump administration as an advisor to the Social Safety company, CNBC has realized.
Zames is taking an unpaid place to assist his former JPMorgan colleague Frank Bisignano, who turned Social Safety commissioner final yr, sort out modernization of the company, stated folks with data of the transfer, who requested to not be named as a result of they weren’t approved to debate it publicly.
He begins Monday at Social Safety Administration headquarters in Baltimore, Maryland, the place an workplace placard bearing his identify has already been put in, one of many folks stated.
Zames, a former hedge-fund dealer who rose to prominence at JPMorgan after serving to clear up the financial institution’s $6 billion “London Whale” mess, was its chief working officer for about 5 years. He spearheaded know-how and cost-cutting tasks on the lender and was seen as a prime contender to succeed CEO Jamie Dimon till his departure in 2017.
The following yr, Zames turned president of personal fairness agency Cerberus, the place he oversaw tech investments and helped flip across the agency’s Deutsche Financial institution stake. After leaving Cerberus in 2021, Zames began an advisory and restructuring agency.
Zames, who has additionally had positions on key Treasury and Federal Reserve advisory teams tied to the debt markets, is becoming a member of an company that depends on decades-old know-how methods.
Past the know-how points, the SSA is projected to exhaust its retirement belief fund in lower than a decade, which might require profit cuts to tens of millions of Individuals.
As a particular authorities worker, Zames can maintain his new place for 130 days, however that may very well be unfold over an extended time frame as a result of he will not be working full-time, stated one of many folks acquainted with the transfer.
