Morgan Stanley’s Nides Named to State Department Post
President Barack Obama is nominating Thomas Nides, Morgan Stanley’s chief operating officer, as deputy secretary of state for management and resources, the White House said in a statement.
Nides, 49, has been with Morgan Stanley, the sixth-largest U.S. bank by assets, since 2005. His resume includes a background in politics and public relations, including a stint as chief of staff for then-Democratic Connecticut U.S. Senator Joseph Lieberman during his failed vice-presidential campaign in 2000.
If confirmed by the Senate, Nides would replace Jacob Lew, who awaits confirmation as director of the White House Office of Management and Budget.
Nides is chairman of the Securities Industry and Financial Markets Association, a lobbying group for securities firms, banks and asset managers. His term concludes this year.
In joining Secretary of State Hillary Clinton’s department, Nides would take a pay cut from the $3.1 million he earned in salary and bonuses in 2008, according to Bloomberg data. The State Department position pays $179,700 a year, according to the Office of Personnel Management website.
He would join another veteran of Wall Street: Robert Hormats, a former executive of the Goldman Sachs Group Inc. who is now the State Department’s undersecretary for economic affairs.
Before joining Morgan Stanley, Nides was president and chief executive of Burson-Marsteller, the global public relations company.
He was the chief administrative officer of Credit Suisse First Boston from 2001 to 2004 and served on the firm’s executive board.
Fannie Mae
Nides spent four years as an executive assistant to former House Speaker Thomas Foley, Democrat of Washington, and was special assistant to former House Majority Whip Tony Coelho, Democrat of California, from 1986 to 1989.
He joined Fannie Mae in 1995 as senior vice president after spending two years as chief of staff to then-U.S. Trade Representative Mickey Kantor during the Clinton administration. He also worked on behalf of Massachusetts Senator John Kerry, the Democratic candidate for U.S. president in 2004.
He is a graduate of the University of Minnesota.
To contact the reporter on this story: Roger Runningen in Washington at rrunningen@bloomberg.net.
To contact the editor responsible for this story: Mark Silva at msilva34@bloomberg.net.
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