Frank Bisignano’s cellphone lit up, and he acknowledged the caller. The president was on the road. On this morning in early October, the newly confirmed Social Safety commissioner was seated in his fortieth ground workplace in Manhattan’s Tribeca that includes a sweeping view of the decrease East Facet and on to Brooklyn, the place he grew up in a blue-collar household to a father who spent 44 years as a customs agent, and a mom who ran a stevedoring outfit. “The president and my boss, [Treasury Secretary] Scott Bessent were together in the Oval Office, and the president told me it was Scott’s recommendation that I also run the IRS as its first ‘CEO,’” recollects Bisignano. “I said, ‘Yes, I’ll do whatever you want,’ and the president said that he’s counting on me to ‘make the IRS great again,’ just as he’d charged me to do with Social Security.”
These twin jobs make Bisignano in all probability the back-office administrator wielding the broadest authority in current U.S. historical past. He now oversees each the biggest retirement system on the earth, which pays out $1.5 trillion a yr to over 70 million beneficiaries, and a planet-topping income machine that collects over $5 trillion in annual taxes that fund over 90% of the federal authorities’s operations.
Bisignano is a phenomenon neither company has seen in a very long time, if ever; a former super-big-time private-sector CEO who’s working each companies like they’re the sort of turnaround circumstances he’s made a profession of fixing. He’s an operator, not a bureaucrat, and he’s bringing his restructuring abilities to 2 areas that characteristic mixed working budgets of over $30 billion and workforces totaling round 150,000, and that famously want a giant raise in effectivity and customer support. The likes of tardy tax refunds on the IRS, super-slow incapacity resolutions on the SSA, and lengthy cellphone maintain occasions at each companies are among the many most outstanding failings that prod so many People into believing that authorities doesn’t work. None of his current predecessors had important expertise working a giant enterprise.
In contrast, Bisignano is a Jamie Dimon protégé who constructed one of many prime careers on Wall Road by developing and streamlining unglamorous, tech-heavy however extremely profitable features comparable to funds networks and treasury companies, becoming a member of the administration after serving as CEO of bank card funds colossus Fiserv.
And filling double roles is nothing new to him. “People ask me, ‘How do you do two jobs?’ And I really don’t look at it like that,” Bisignano instructed Fortune on Jan. 18 throughout an unique interview, in the identical nook workplace the place he received the decision from Trump. “At Citigroup, I was at one time deputy head of operations and tech, and also chief administrative officer of the world’s largest global and investment bank. Then, under Jamie at JPMorgan, I was co-COO of the company, and also oversaw the mortgage workout program resulting in the $26 billion federal settlement in 2012 that restarted the housing market.”
In an administration staffed by a variety of former prime enterprise people, together with Commerce and Inside Secretaries Howard Lutnick and Doug Burgum, and Small Enterprise Administration chief Kelly Loeffler, Bisignano is the determine who’s had by far the most important jobs in probably the most outstanding enterprises.
Now, Bisignano is bringing what he calls the identical digital-first method, deployment of rigorous KPIs for managers, and relentless group constructing to each companies that he marshaled with such success in his earlier life.
However the highlight is now educated big-time on how he handles the approaching tax season that guarantees a by no means earlier than seen deluge of money refunds, and large modifications within the code that may make returns much more sophisticated than normal to course of. Trump and Bessent maintain proclaiming that the One Large Lovely Invoice means massive money again to taxpayers, and so they notice that if the IRS screws up by delaying the bounty or shortchanging taxpayers by mistake, they’ll lose numerous the goodwill they see coming their approach.
Bisignano’s fast work on the SSA confounded even Elizabeth Warren, and factors to main enhancements on the IRS
Previous to Bisignano’s arrival, from December of 2023 till the present chief’s Senate affirmation of Could 6, a parade of 4 SSA commissioners and performing commissioners cycled by means of the place. These chiefs departed quick partly as a result of they received frequent hammerings in Congress over the company’s poor cellphone and face-to-face service to beneficiaries. The record of metrics which have improved over his brief tenure are spectacular. First, the location is now working across the clock (beforehand it was down 29 hours every week or 17% of the time). Cellphone wait occasions have shrunk dramatically: In June of final yr the common time on maintain earlier than talking to an agent was 20 minutes, that shrunk to an all-time low of seven minutes in September. In the meantime, the SSA cellphone service dealt with 68 million callers in fiscal yr 2025, 67% greater than in FY 2024. Bisignano maintained software and appeals processing throughout the federal government shutdown and supplied time beyond regulation to work the times round Christmas, that are federal holidays; 66% of workers confirmed up. In one other win, the commissioner orchestrated new workflows that lowered the time for processing incapacity claims from 240 to 209 days, and curbed the backlog to 865,000 from 1.26 million.
In response to an SSA press launch, at a gathering with Bisignano in July, Sen. Elizabeth Warren “expressed disbelief about the data” supplied by the commissioner and his workers exhibiting a fast, substantial discount in wait occasions for callers on the nationwide SSA 800 quantity. The legislator and commissioner agreed to an audit of the reported stats by the Workplace of the Inspector Common. In a report printed on Dec. 22, the OIG backed Bisignano, concluding: “The SSA’s publicly reported metrics were accurate, and its overall telephone performance improved during FY 2025.”
Bisignano rose as a “fixer” for Sandy Weill, Jamie Dimon, and Henry Kravis
The grandson of Italian immigrants, Bisignano attended Baker College, a liberal arts faculty in Kansas, the place he received trophies as a nationally ranked bowler. In 1994, he received his first massive break when Dimon employed him at Vacationers to run securities operations at its Smith Barney unit. He captained a strutting softball group of Italian People who dubbed themselves “the Paisanos” and sported floppy hats, like these of pizza-makers, on the sector. As Dimon and Weill rolled up the acquisitions en path to forming what would finally tower as Citigroup, Bisignano’s position in IT grew, and by mid-2001, he was managing 16,000 employees in decrease Manhattan.
Because the Twin Towers burned on 9/11, Bisignano rushed to the road, megaphone in hand, and roared, “Walk north!” He then led a parade of 1000’s of Citi employees to an operations middle close to Penn Station, and stored the financial institution’s computer systems whirring in the course of the weeks of chaos that adopted.
In 2002 Bisignano took cost at a Citi backwater referred to as World Transactions Companies that was then shedding $3 billion a yr. He reinvented GTS as a venue the place multinationals might outsource foreign exchange companies and accounting; simply three years later, the franchise was producing over $1 billion in revenue, and stays a significant moneymaker for Citi to at the present time. In late 2005, the newly arrived Dimon lured Bisignano to JPMorgan as chief administrative officer, then enlisted this seasoned disaster supervisor to restore the foreclosure-laden mortgage portfolio on the former Washington Mutual, the subprime lender that JPM salvaged on the authorities’s behest in the course of the World Monetary Disaster.
Bisignano jetted every day to California on the WaMu task, then headed again to New York every evening to obtain chemotherapy for throat most cancers he believes could have resulted from inhaling poisonous soot on 9/11. His trademark gravelly voice is a legacy of the surgical procedure that made him a survivor. Bisignano additionally received Dimon’s nod to combine one other casualty, Bear Stearns, into the JPM fold. The deal value $250 million, and for that worth, JPM received all of Bear’s operations, plus the brand new, ultra-fancy, 47-story headquarters that value $1.1 billion to construct, and the place the JPM brass decamped for years in the course of the development of their new hub on Park Avenue.
In 2013 KKR cofounder Henry Kravis, after which prime supervisor and now co-CEO Scott Nuttall, recruited Bisignano to restore arguably the worst massive funding the non-public fairness big ever made, stricken bank card funds processor First Knowledge. Bisignano reworked the “dumb bricks” that solely swiped playing cards into countertop terminals-cum-computers branded Clover, boasting analytical instruments that helped handle inventories and inform managers which waiters have been promoting the priciest bottles of wine, and reminding them to supply the identical vintages when the connoisseurs that ordered these labels final time returned. In 2019 Bisignano bought First Knowledge to Fiserv, creating a large producing over $20 billion a yr in income that owns 6 million terminals worldwide and processes 44% of America’s bank card funds. Subsequent got here the calls from Trump who, together with Bessent, seen the challenges on the SSA and IRS as proper within the wheelhouse of the supervisor who’d been a prime architect in constructing two of the nation’s main banks, and led a pair of the most important gamers in expediting the cashless financial system.
The 2025 tax season will show an important check for Bisignano
Earlier than Bisignano took cost, the IRS went by means of an unbelievable 5 “acting commissioners,” beginning at Trump’s inauguration, turnover that outspins even the revolving door at SSA. The president himself devised an answer to place a gentle hand on the wobbling controls. Trump first named Bessent as performing commissioner and shortly thereafter created the brand new place of CEO, tapping Bisignano. The title clearly signaled that Bisignano would run the day-to-day enterprise at IRS. “Scott loved the CEO idea,” declares Bisignano.
“It will be the most important tax season ever,” observes the brand new CEO, and Trump and Bessent have been echoing that sentiment, with the POTUS just lately declaring that we’re headed for “the biggest tax season of all time!”
Trump and Bessent are trumpeting that much more People ought to get refunds this yr than final, and that they’ll be massive. In Bessent’s phrases, this shall be “a gigantic refund year.” In current interviews, he has estimated that the common wage earner will obtain round $1,000 extra in 2025, and that, in complete, the IRS will return round $150 billion greater than in 2024 (that’s 45% over final yr). His numbers additionally suggest that roughly 150 million People would get refunds this yr versus 104 million in 2024.
What makes this yr (primarily based on 2025 tax returns) such a bountiful season for money again from the IRS? The reason being twofold. First, the OBBB Act hatched half a dozen new tax advantages. It created deductions of as much as $25,000 on ideas, and to a max of $12,500 on time beyond regulation pay. Purchasers of latest automobiles assembled within the U.S. who take out automotive loans get to put in writing off $10,000 in curiosity. Seniors age 65 and older win an extra deduction of $6,000. The cap on deductions for state and native taxes rises from $10,000 to $40,000. The usual deduction will increase by $750 to $31,500, and the kid credit score waxes from $2,000 to $2,200. Connected to all the brand new provisions are phaseouts that start at completely different revenue ranges. The IRS will even subject the brand new Kind 4547, which implements the “Trump Accounts,” the tax-advantaged financial savings autos for kids established by the OBBB.
Second, although Trump signed the OBBB on July 4, the breaks apply for all of 2025. However the laws left in place the withholding schedule from 2024. Therefore, People have been successfully sending an additional portion of their paychecks to the IRS that they’ll quickly recoup.
Bisignano stresses that it’s IT, not the size of personnel, at each the SSA and IRS that may deliver higher, and sooner, customer support, and on the latter, enhance not simply the likes of well timed refunds however collections. President Biden famously put in a plan to boost the IRS’s rightful take by hiring 87,000 new brokers. Bisignano says that underneath Trump, it didn’t occur. “We have a system that ensures that we collect as much as humanly possible that’s appropriate,” says Bisignano. “We have the smallest IRS we’ve ever had. Our capital is technology and people. They work hand in hand; technology guides you to best deploy your people. The answer to all these organizations is technology, it’s not counting the heads. Investing in IT is the best route to enhanced servicing, and with the advent of AI, we’ll see tremendous advancements over the next two years.”
The brand new CEO avows that he’s putting in most of the similar disciplines utilized by Weill and Dimon. “We do the weekly reviews at both the IRS and SSA,” he relates. “We convene senior managers, and we have an hour and a half meeting, and they have to go through the KPIs for the week. We do what we always did going back to the Sandy Weill and Jamie Dimon days.” The CEO provides that after a month, he convenes an all-day management assembly the place “we beat the hell out of the place to make it better.” He says that no such confabs existed earlier than his arrival, and that communication among the many prime brass was minimal.
The sort of team-building he realized from his heroes additionally looms giant. “Before I came to IRS, there was always confusion about who was in charge,” he says. “The way Jamie and Sandy ran it, and the way Henry Kravis and Scott Nuttall ran it, it’s one team with one set of objectives and one set of metrics. One team, one dream. We have an HR department to give people the tools they need to deliver the goods, not, for example, to [just] have an HR department.” He’s decided to stage the silos, and says he’s already shrunk layers of administration on the IRS from as many as 11 or 12, to 5 or 6, giving the CEO much more entry to the managers working every thing from legal investigations to arranging the brand new withholding schedules for 2026.
For now, Bisignano says he’s “maniacally focused on delivering a great season,” and {that a} key metric would be the timeliness of the refunds. He’ll then pivot to what he calls a “nine prong” plan to reengineer the IRS group by 2027. In the meantime, imagine it or not, he’s getting steerage from the departed IRS commissioners. Bisignano relates that he bumped into an ex-chief who knowledgeable him that he and 6 different former commissioners and performing commissioners had a chat group: “I looked at what they were saying about my appointment in the chat group, and it was things like, ‘This is the real deal.’” He relates that one member remarked on-line, “How can he do both jobs?” and one other responded, “I looked him up. It looks like he’s done it before!”
So Bisignano invited all seven of his predecessors within the chat group to dinner in Washington, and the dialog raised his spirits. “They were saying that this is the best thing they’d seen and that a real guy was running the joint,” he experiences. The execs had seen firsthand what was incorrect, and acknowledged that the IRS’s first CEO is richly outfitted to ship the repair.
