Frank Bisignano, the CEO of the IRS, addressed allegations reported by The Wall Street Journal that he engaged in surveillance of fellow executives while at JPMorgan Chase, specifically targeting Charlie Scharf, now CEO of Wells Fargo. Bisignano firmly stated, 'None of it's true,' and mentioned that he and Scharf found humor in the situation.
His past includes a significant role at First Data, which merged with Fiserv, and he has faced criticism regarding a settlement with President Trump that granted him immunity from certain tax audits. Additionally, he is named in a class-action lawsuit alleging that Fiserv misled investors about its growth, which has resulted in a 78% decline in its share price since its peak in March 2025.
This decline occurred after Bisignano's departure to join the Trump administration, and he sold shares in Fiserv to comply with federal ethics obligations. The current CEO of Fiserv, Mike Lyons, has indicated that the company would need to revise its guidance, further complicating the situation for investors.
Bisignano's comments on the leadership changes at Fiserv suggest a recognition of the challenges the company faces, but he distanced himself from the company's current performance