Fiserv Shares Plunge 9% After CEO Nominated for Social Security Administration Role

On Thursday, shares of fintech company Fiserv Inc. fell by 9% following the announcement that President-elect Donald Trump has nominated Fiserv CEO Frank Bisignano as commissioner of the Social Security Administration. A report shared on Trump’s Truth Social network on Wednesday highlighted Bisignano's extensive experience in transforming large companies and his anticipated role in fulfilling the agency’s commitments.

Bisignano's career includes senior positions at JPMorgan and Citigroup. Leaving Wall Street, he took over as CEO of First Data Corp., leading the company to its initial public offering in 2015. Fiserv's acquisition of First Data for $22 billion in 2019 marked a significant merger in the payment processing industry. Bisignano became CEO in July 2020 and was later appointed as chairman of the board.

Bisignano's nomination to head the Social Security Administration awaits Senate approval. The agency currently manages the Social Security program, which is facing budget deficits. The financial health of the program has become a contentious political issue due to its importance to a major voter demographic.