Senators Ron Wyden And Elizabeth Warren Press Fiserv CEO For Details On Bisignano-Era Federal Contracts

• In late October, Fiserv shares tumbled following the company's reduction of its earnings forecast and leadership changes, with CEO Lyon noting that the firm’s performance is not where Fiserv or shareholders expect it to be.
• Both Wyden and Warren are on the Senate’s Finance and Banking committees and have also requested details of Bisignano’s financial projections for Fiserv’s performance.
• Bisignano served as Fiserv’s CEO from July 2020 through May 2025 and on May 6, he was confirmed as Commissioner of the Social Security Administration. 

Senators Ron Wyden and Elizabeth Warren, in a letter to Fiserv’s current CEO, Mike Lyons, have requested more details regarding the company’s federal contracts and operations during Frank Bisignano’s tenure as Chairman, President, and Chief Executive Officer.

“Specifically, we request information regarding Mr. Bisignano’s awareness or involvement in Fiserv’s bid for a U.S. Bureau of the Fiscal Service contract,” they said in the letter.

Both Wyden and Warren are on the Senate’s Finance and Banking committees. They have also requested details of Bisignano’s financial projections for Fiserv’s performance, which Lyons indicated in an investor call “would have been objectively difficult to achieve even with the right investment and strong execution.”

In late October, Fiserv shares tumbled following the company's reduction of its earnings forecast and leadership changes, with CEO Lyon noting that the firm’s performance is not where Fiserv or shareholders expect it to be.

According to a Bloomberg News report, Bisignano, currently leading both the Social Security Administration and the Internal Revenue Service, avoided an estimated $300 million loss by selling his stake in the company ahead of October’s market slide.

Bisignano Involvement

Bisignano served as Fiserv’s CEO from July 2020 through May 2025. On May 6, he was confirmed as Commissioner of the Social Security Administration. 

“At the time of Mr. Bisignano’s confirmation as Social Security Commissioner, he owned roughly $594 million in Fiserv stock. His new government role allowed Bisignano to divest his stock in tax-advantaged sales on May 16 and July 1, 2025,” the senators stated.

They also noted that the stock was worth an estimated $530 million at that time. “Since Mr. Bisignano left Fiserv, the company has faced a series of financial setbacks that call Mr. Bisignano’s management into question,” the letter said.

Fiserv Growth Reset

The senators highlighted that Lyon said during the latest earnings call in October that he “worked with a management team and several external advisors to conduct a rigorous analysis of the company's operations, technology, financials, and forecasting,” and that “one of the key takeaways from [this] analysis is that Fiserv's growth and margin targets need to be reset.”

“At a minimum, Mr. Bisignano appears to have failed to manage Fiserv effectively, and may have misled investors and the public about the company’s financial status, raising concerns about his ability to serve as a key Social Security and IRS official in the Trump Administration,” the senators said.

Retail sentiment on Fiserv dipped to ‘neutral’ from ‘bullish’ territory compared to a day ago, with message volumes at ‘high’ levels, according to data from Stocktwits.

Shares of Fiserv have declined by nearly 70% in value this year. 

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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