Citigroup named U.S. President Barack Obama's former budget director as a senior global banking adviser on Thursday, strengthening its ties to former officials the same week the bailed-out bank finished shrugging off U.S. government ownership.
Peter Orszag, currently a senior fellow at the Council on Foreign Relations, is Citigroup's second hire of a former senior government official this month. Last week the bank hired Carlos Gutierrez, former Commerce Secretary under President George W. Bush, as a vice chairman for its institutional clients group.
Orszag, who had worked as director of the Office of Management and Budget under President Obama, left the White House in July. He will help manage Citigroup's investment banking relationships as a vice chairman of global banking and will be a member of the bank's senior strategic advisory group.
The bank said in a prepared statement his role will not involve direct contact with federal government officials.
Citigroup, which accepted $45 billion in U.S. government bailout funds during the financial crisis, announced Orszag's hire only days after shedding its status as a U.S. government ward. The U.S. Treasury owned 27 percent of the bank as recently as April, but said on Monday it had finished selling its shares.
The company's shares were trading up about 1.1 percent at $4.70 late Wednesday afternoon.
Prior to working as the Office of Management and Budget director under Obama, Orszag oversaw the Congressional Budget Office. He holds a doctoral degree in economics from the London School of Economics.
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