Bisignano denied surveillance of JPMorgan colleagues; Fiserv shares fell 78% from peak under his tenure; shareholder lawsuit pending. IRS chief also faces scrutiny over Trump tax settlement.
Internal Revenue Service CEO Frank Bisignano dismissed allegations that he spied on fellow executives at JPMorgan Chase more than a decade ago. "None of it's true," Bisignano told CNBC on Tuesday.
The Wall Street Journal reported Monday that Bisignano surveilled colleagues while serving as JPMorgan's co-chief operating officer. The Journal said he sought information to "keep a tight rein on employees" and to "undermine his rivals." One target was Charlie Scharf, now CEO of Wells Fargo.
"Charlie called me last night. We had a good laugh about it," Bisignano said.
Wells Fargo declined to comment.
Bisignano left JPMorgan in 2013 to run First Data, which later merged with Fiserv. He left Fiserv in 2025 for roles in the Trump administration, first as Social Security Administration commissioner and later as IRS CEO. Treasury Secretary Scott Bessent appointed him to the IRS post in October.
Last week, Bessent tasked Bisignano with implementing a new Trump savings account created by the 2025 tax law. He keeps his roles at the SSA and IRS.
Bisignano also signed a settlement giving Trump immunity from some tax audits, a move a federal judge criticized last week.
A shareholder class action in the Southern District of New York alleges Fiserv misled investors about growth and that Bisignano benefited from an inflated share price. His attorney declined to comment on active litigation.
Fiserv shares have fallen 78% from a March 2025 peak set under Bisignano, according to FactSet. The decline accelerated after Bisignano left. He sold at least $77 million of Fiserv stock in July 2025, during a blackout period that covered current executives, the Journal reported.
Fiserv's then-CEO Mike Lyons told investors in July that the company would need to revise guidance. In October, Lyons said hitting the shareholder guidance set under Bisignano would be "objectively difficult to achieve" and that a "critical and necessary reset" was underway. Lyons later left the company.
Bisignano said he is no longer at Fiserv when asked about the stock's slide. "I know they went through a leadership change. That's never ... that good."
Fiserv did not respond to a request for comment.
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