Peter Orszag has joined New York-based Citi as a Vice Chairman in its Global Banking business. Orszag was formerly the Director of the Office of Management and Budget (OMB) under President Barack Obama and is currently a distinguished visiting fellow at the Council on Foreign Relations. He will be a member of the bank's Senior Strategic Advisory Group, which includes some of Citi's most senior bankers focused exclusively on client relationships. Consistent with applicable ethics rules, Orszag's role at Citi will not involve contact with U.S. federal government officials.
"Peter brings a tremendous amount of knowledge as well as key private sector and government experience to Global Banking. His expertise in economic policy will complement our Investment Banking franchise around the world," said John Havens, CEO of Citi's Institutional Clients Group, in a press release.
Prior to his role in OMB -- where he oversaw the administration's budget policy, coordinated the implementation of major policy initiatives throughout the federal government and reviewed federal regulatory action -- Orszag served as the Director of the Congressional Budget Office (CBO), supervising the agency's work in providing objective, nonpartisan, and timely analyses of economic and budgetary issues. Prior to CBO, Orszag was the Joseph A. Pechman senior fellow and deputy director of economic studies at the Brookings Institution. He also served as director of the Hamilton Project, director of the Retirement Security Project, and co-director of the Tax Policy Center. During the Clinton administration, he was a special assistant to the President for economic policy and before that a staff economist and then senior advisor and senior economist at the President's Council of Economic Advisers.
"I am pleased to be joining Citi, with its unmatched global platform and dedication to providing clients with quality service and advice. I look forward to working with the experienced, dynamic team at Citi," Orszag said in the press release.