Fiserv shares fall 9% after CEO nominated for Social Security Administration role

On Thursday, shares of fintech company Fiserv Inc (NYSE:FI ). experienced a 9% drop following the announcement that President-elect Donald Trump has nominated Frank Bisignano, the CEO of Fiserv, to be the commissioner of the Social Security Administration. The news, shared on Trump's Truth Social network on Wednesday, highlighted Bisignano's extensive experience in transforming large corporations and his anticipated role in delivering on the agency's commitments.

Bisignano's career includes high-level positions at JPMorgan Chase & Co. (NYSE:JPM ) and Citigroup Inc (NYSE:C ). He transitioned from Wall Street to lead First Data Corp., guiding it through an initial public offering in 2015. Fiserv's acquisition of First Data in 2019 for $22 billion marked a significant merger in the payments processing industry, with Bisignano ascending to CEO in July 2020 and later becoming chair of the board.

The nomination of Bisignano to head the Social Security Administration is pending Senate confirmation. The agency oversees the Social Security program, which is currently facing a budget shortfall. The program's financial health is a contentious political issue, given its importance to a significant voter demographic.

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Source: Investing.com