IRS Chief Frank Bisignano denies JPMorgan spying allegations, calls report 'bad journalism'

Frank Bisignano, chief executive officer of the Internal Revenue Service (IRS), during a House Ways and Means Subcommittee on Social Security hearing in Washington, DC, US, on Wednesday, June 10, 2026. Tierney L. Cross | Bloomberg | Getty Images

Key Points

• Frank Bisignano on Tuesday said claims that he had spied on colleagues while working at JPMorgan more than 10 years ago were not true.
• One subject of the surveillance, according to the Wall Street Journal, was Charlie Scharf, who went on to run Wells Fargo. "We had a good laugh about it" after the Journal story was published, Bisignano told CNBC.
• Bisignano is the Senate-confirmed head of the Social Security Administration and the CEO of the Internal Revenue Service.

Bisignano Denies Allegations

Internal Revenue Service CEO Frank Bisignano dismissed allegations that he spied on his fellow executives while working at JPMorgan more than a decade ago. "None of it's true," Bisignano told CNBC Tuesday.

Bisignano surveilled colleagues at JPMorgan while he was co-chief operating officer, the Wall Street Journal reported Monday. He wanted information to "keep a tight rein on employees" and "to undermine his rivals," the Journal reported. One of the subjects of the surveillance was Charlie Scharf, who is now CEO of Wells Fargo, according to the Journal.

"Charlie called me last night. We had a good laugh about it," Bisignano said.

Wells Fargo did not immediately respond to a request for comment on Bisignano's remarks.

Career Background

Bisignano left JPMorgan to run payments processor First Data in 2013. That company later merged with Fiserv.

Bisignano left Fiserv in 2025 to take on increasing responsibility in the Trump administration. He was confirmed by the Senate as commissioner of the Social Security Administration in May 2025. Treasury Secretary Scott Bessent appointed him in October to the newly created position of CEO of the IRS.

Bessent tasked Bisignano last week with overseeing the implementation of the Trump account savings vehicle created by last year's Republican tax-and-policy law, CNBC reported. He retains his leadership roles at the IRS and the Social Security Administration.

Legal and Regulatory Issues

Bisignano as IRS chief signed a settlement with President Donald Trump giving him immunity from some tax audits. A federal judge last week criticized that settlement.

Bisignano is named in a class-action shareholder lawsuit in the Southern District of New York. The suit alleges Fiserv misled investors about its growth numbers and that Bisignano benefitted from an artificially inflated share price.

An attorney for Bisignano did not immediately respond to a question from CNBC about the lawsuit, but declined to comment to the Wall Street Journal on active litigation and said that much of the share-price decline took place under Mike Lyons, who took over as CEO from Bisignano.

Fiserv Share Performance

Fiserv's share price declined sharply after Bisignano left for the Trump administration. Bisignano sold shares in Fiserv to meet his ethics obligations to the federal government. At least $77 million of those sales came in July 2025, after Bisignano had left the company but during a blackout period that covered existing executives, the Journal reported.

Lyons told investors in July 2025 after those sales that Fiserv would need to revise its guidance. In October, Lyons said it would be "objectively difficult to achieve" the company's shareholder guidance initially set under Bisignano and that the company would undergo a "critical and necessary reset."

Fiserv's shares are down 78% from their peak set in March 2025 under Bisignano through Tuesday morning, according to Factset data. Lyons has since left Fiserv.

Bisignano said he is no longer at Fiserv when asked on CNBC about the company's declining share price. "I know they went through a leadership change. That's never—"

watch now VIDEO 4:55 04:55 IRS chief Frank Bisignano dismisses JPMorgan spying report: 'This is bad journalism' Squawk on the Street