Bisignano left JPMorgan and eventually became the CEO of Fiserv, a payments company critical to the digital infrastructure used in card transactions and banking. But months after he left to join the government in 2025 and had sold nearly all of his Fiserv stock, the firm’s new management threw out the forecasts Bisignano’s team had been giving Wall Street and said they were materially inaccurate, blaming unrealistic growth projections, misleading revenue figures skewed by foreign-currency fluctuations and management decisions to defer investments. The move sent the stock into a tailspin and prompted shareholder lawsuits against Bisignano and Fiserv. Bisignano’s attorney declined to comment on matters at Fiserv “that are the subject of active litigation” but said the bulk of the decline in its share price occurred under the leadership of his successor as CEO, Mike Lyons.

NEW: Frank Bisignano, the head of the Internal Revenue Service and Social Security Administration, sits atop two government organizations that store vast reams of sensitive financial data about every taxpayer. But when he was the co-chief operating officer at JPMorgan Chase, he spied on fellow executives—using his authority over the security department and position to access sensitive information and internal communications, according to people familiar with the matter who spoke with the Wall Street Journal. After years of complaints about his behavior, JPMorgan CEO Jamie Dimon told Bisignano he would support him finding a job elsewhere. Once he left, investigators from the legal department found digital traces of the spying activity, including records that showed email access, and the bank instituted new rules requiring approval from the legal department Courtney Forrest, an attorney for Bisignano, denied that that he never spied on co-workers. She said he “never directed anyone to look through any employee’s or executive’s communications or engaged in any form of surveillance.”