BREAKING NEWS

Citi taps ex-budget director Orszag as vice chair

By ASSOCIATED PRESS

DECEMBER 10, 2010 02:41

NEW YORK — Citigroup Inc. said Thursday that it named Peter Orszag, a former budget director under President Obama to serve as its vice chairman of global banking.

The company said Orszag, 41, will work with its investment banking clients.

To keep in line with ethics rules, Citi says Orszag's role at the banking giant will not involve contact with officials from the federal government.

At the height of the downturn, Citi received a $45 billion bailout from the US government; it was one of the government's largest bank rescues. This week the Treasury Department said it struck a deal to sell its remaining Citi common stock. The government is making a $12 billion profit on the rescue.

Orszag's appointment is the second former high-ranking government official that Citi has hired in recent days. Last week, Citi named former Secretary of Commerce Carlos Gutierrez, as vice chairman of its institutional clients group. Gutierrez served as Commerce Secretary from 2005 to 2009 under President George W. Bush.

Both Orszag and Gutierrez will serve on Citi's senior strategic advisory group. Former Treasury Secretary Robert Rubin also served as a board member and senior adviser to Citi from 1999 to 2009.

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