A former JPMorgan Chase executive is joining Social Security as an unpaid tech advisor

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Matt Zames, a former JPMorgan Chase COO, will help Commissioner Frank Bisignano modernize the agency's decades-old technology systems

Matt Zames, a former chief operating officer of JPMorgan $JPM Chase, is joining the Social Security Administration as an unpaid advisor focused on technology modernization, according to CNBC.

Zames starts Monday at SSA headquarters in Baltimore, Maryland, according to CNBC, which cited people with knowledge of the move who asked not to be named. A nameplate for Zames is already up outside an office at the building, one of those people told the outlet.

He is taking the role to assist Social Security Commissioner Frank Bisignano, a former JPMorgan colleague, with efforts to update the agency's technology infrastructure. The SSA relies on decades-old technology systems.

Under special government employee rules, the role carries a 130-day limit, though CNBC reported the arrangement could extend further in calendar terms given that Zames will not be there full time.

Zames rose to prominence at JPMorgan after helping address the bank's $6 billion "London Whale" trading loss and served as its COO for roughly five years. Before his 2017 departure, he was widely regarded as one of the most likely internal candidates to eventually take the top job from CEO Jamie Dimon. He has also held positions on Treasury and Federal Reserve advisory groups tied to debt markets.

After JPMorgan, Zames took on the presidency of private equity firm Cerberus, managing its technology portfolio and playing a role in the firm's efforts around its Deutsche Bank position. He left Cerberus in 2021 and subsequently founded an advisory and restructuring firm.

The SSA's difficulties extend past its outdated systems. Separately, the agency is on track to deplete its retirement trust fund within roughly ten years, a timeline that analysts warn could necessitate reductions in payments to beneficiaries.

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