Zames, a former JPMorgan Chase (JPM) executive, is joining the Social Security Administration in an unpaid advisory role starting this week.
He will work alongside Frank Bisignano, the current Social Security commissioner and former JPMorgan colleague, to help modernize the agency’s outdated systems.
Zames is set to begin at Social Security Administration headquarters in Baltimore, Maryland, where an office placard bearing his name has already been installed.
People with knowledge of the move, who asked not to be named because they weren’t authorized to discuss it publicly, confirmed the arrangement and its unpaid nature.
Zames rose to prominence at JPMorgan after helping clean up the bank’s $6 billion “London Whale” trading mess, a crisis that tested the firm’s risk management infrastructure.
He served as JPMorgan’s chief operating officer for roughly five years, spearheading technology upgrades and cost-cutting initiatives across the banking giant.
Zames was widely seen as a top contender to succeed CEO Jamie Dimon before his departure from the firm in 2017.
Following his exit from JPMorgan, he became president of private equity firm Cerberus, where he oversaw technology investments and helped turn around the firm’s Deutsche Bank stake before leaving in 2021.
After departing Cerberus, Zames launched his own advisory and restructuring firm and has held positions on key Treasury and Federal Reserve advisory groups tied to debt markets.
The Social Security Administration presents a substantial modernization challenge, as the agency continues to rely on technology systems that are decades old.
Beyond outdated infrastructure, the SSA faces a more urgent financial crisis, with its retirement trust fund projected to be exhausted in less than a decade.
That shortfall could ultimately force benefit cuts affecting millions of Americans who depend on Social Security payments for retirement income.
As a special government employee, Zames is permitted to hold his advisory position for up to 130 days, though that window could stretch over a longer calendar period since he will not be working full-time.
