First Data has hired Frank Bisignano be its new chief executive officer. Bisignano was formerly co-COO at JPMorgan Chase, where he specialized in managing tech development for customer-facing products.
Bisignano joins Atlanta-based First Data at a time of competitive tech pressure for traditional payment processors, as mobile payments and a growing market of tech startups force companies like First Data and its rivals to quickly adapt. At First Data, new projects include an upgrade of its card management technology to accommodate faster deployment and a partnership with Foursquare on a consumer deals initiative.
"New technological advances are impacting the payments industry every day, making life easier for our partners, our merchants and consumers. First Data can and should lead the way when it comes to offering the most innovative solutions and service," Bisignano said in a release. At First Data, Bisignano succeeds Ed Labry who has been serving a dual role as both president of Retail and Alliance Services and CEO since Jan. 28, 2013. Labry will continue in his role as president of Retail and Alliance Services.
While at JPMorgan Chase, Bisignano's responsibilities included overseeing global technology, real estate, operations, procurement, compliance, regulatory control and oversight, resiliency, security and safety, and general services for all of JPMorgan Chase's businesses in over 60 countries. He also served on the executive and operating committees of JPMorgan Chase. During the housing crisis, he served as CEO of Mortgage Banking, at a time when the unit became the world's second-largest originator of mortgages.
Prior to JPMorgan Chase, Bisignano was the CEO for Citigroup's Global Transactions Services business and a member of Citigroup's Management Committee. During that time period, 2002 to 2005, Global Transaction Services' revenue grew to $6 billion from $4 billion annually. Bisignano was also the chief administrative officer for Citi's Corporate and Investment Bank, a senior executive vice president and Citi's firm-wide deputy head of technology and operations.