Former JPMorgan executive Matt Zames has been appointed as an advisor to the Social Security Administration, CNBC reports:
Zames will start his role on Monday at the SSA headquarters in Baltimore, where a placard bearing his name has already been installed:
He is taking an unpaid advisory position to assist his former JPMorgan colleague Frank Bisignano, who became Social Security Commissioner last year:
Zames, who was previously the chief operating officer of JPMorgan Chase, gained prominence by helping resolve the bank's $6 billion "London Whale" issue:
He led technology and cost-cutting projects and left the bank in 2017:
Zames also served as president of private equity firm Cerberus, overseeing tech investments:
The SSA, which relies on outdated technology systems, is projected to exhaust its trust fund in less than a decade:
