The IRS’s new CEO just hired one of Jamie Dimon’s – Business News
Frank Bisignano needs to run the Internal Revenue Service like an environment friendly personal company – and this week he hired Jamie Dimon’s personal banker to help him do just that, On The Money has realized.
Vince La Padula has spent the previous 23 years at JPMorgan operating one thing known as the “workplace solutions” business within the massive bank’s wealth management arm. Now, he’s becoming a member of Uncle Sam’s tax assortment company as Bisignano’s No. 2.
La Padula’s resume consists of stints in New York City authorities below Rudy Giuliani and Mike Bloomberg. At JPM, he was additionally the bank’s level man on Ukraine and its efforts to construct a post-war financial system.
JPMorgan Chase CEO Jamie Dimon, far proper, has mentioned trusted lieutenant Vince La Padula, heart, is welcome back on the bank after he left to function IRS chief Frank Bisagnano’s No. 2.
But La Padula was additionally, in a sense, Dimon’s own personal banker, handling his property planning and investment wants as a key lieutenant of Mary Erdoes, the pinnacle of JPM’s asset and wealth management division.
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Starting subsequent week, he’ll take a still-undefined senior position on the IRS, primarily serving as Bisignano’s No. 2, an attention-grabbing transfer for the nation’s largest and most prestigious bank to a notoriously bureaucratic (and far hated) authorities company.
The Trump White House is seeking to change all of that, I’m advised. The purpose is to remake the IRS from an obnoxious tax collector and issuer of dreaded audits to one thing more taxpayer pleasant.
Vince La Padula spent 23 years at JPMorgan Chase. Commissioners of Scouting America/Facebook
That’s the place Bisignano is available in. A longtime company CEO and himself a former JPM prime government, he was hired by president Trump and Treasury Secretary Scott Bessent because the IRS’s first “chief executive officer,” a title value noting. In the previous, the IRS was run by commissioners, primarily bean-counting political varieties appointed by the president and confirmed by the Senate.
Bisignano was introduced in to run the IRS like a business that takes in money and, more importantly, supplies refunds to taxpayers in an environment friendly method.
IRS chief Frank Bisignano can also be a veteran of JPMorgan. REUTERS
And that’s additionally the place La Padula is available in, I’m advised. La Padula supplied no remark to On The Money however people close to him inform me the 2 are longtime pals and colleagues. Plus his transition from banker to bureaucrat – on condition that the paperwork is precisely what’s being eyed for slimming – ought to be fairly seamless.
La Padula’s job as head of JPM’s office options group was to deal with main corporations and supply technology to handle their numerous HR capabilities – from compensation to 401(ok) to stock choices – and run them effectively.
The IRS collects round $6 trillion in taxes every year. Because of the tax cuts and incentives in President Trump’s “Big Beautiful” funds invoice, refunds this yr have skyrocketed. The IRS below DOGE has cut its staffing ranges to round 75,000 from 100,000 in the beginning of the administration, which suggests it wants La Padula’s operational and technical experience to keep the trains operating on time.
JPMorgan CEO Jamie Dimon earlier this week threw a going-away get together for Vince La Padula. REUTERS
I’m advised Dimon held a going-away get together for La Padula earlier this week on the so-called “Patriot Bar,” the reception space on the highest ground of the bank’s swanky headquarters in Midtown Manhattan. About 200 people attended, together with shoppers and pals like former New York Mercantile Exchange chairman Vincent Viola (he’s additionally the founder of the high-speed trading firm Virtu and the proprietor of the NHL’s Florida Panthers), Robert and Jonathan Kraft of the New England Patriots, and Big Apple Group CEO John Catsimatidis. Bisignano attended as effectively.
Dimon addressed the group and mentioned La Padula would at all times be welcomed back to the bank. xxx It’s straightforward to see why.
