Citigroup’s Orszag to Oversee Strategy Unit as Chiefs Picked

Photographer: Scott Eells/Bloomberg

Citigroup Inc. Vice Chairman of Corporate and Investment Banking Peter Orszag will take on the new role of Chairman of its Financial Strategy Group while also keeping his current duties. Close

Citigroup Inc. Vice Chairman of Corporate and Investment Banking Peter Orszag will take... Read More

Close
Open
Photographer: Scott Eells/Bloomberg

Citigroup Inc. Vice Chairman of Corporate and Investment Banking Peter Orszag will take on the new role of Chairman of its Financial Strategy Group while also keeping his current duties.

Citigroup Inc. (C), the third-largest U.S. bank, named Peter Orszag chairman of its expanded financial strategy and solutions group while selecting Ajay Khorana and Elinor Hoover to co-lead the unit.

Orszag will take the role in addition to his duties as vice chairman of corporate and investment banking, according to a memo today to the New York-based lender’s employees. The unit, advising clients on strategy, financial decisions and risk- management, still will be known as FSG, which previously stood for financial strategy group, the memo shows.

“This expanded role will allow FSG to leverage its corporate finance expertise to provide solutions for clients across all of ICG’s businesses and products,” Raymond J. McGuire, head of the bank’s advisory business, wrote in the memo. Khorana and Hoover will report to him.

Orszag, a former White House budget director under President Barack Obama, was hired by Citigroup in 2010. The economist, trained at Princeton University and the London School of Economics, helped shape U.S. economic stimulus during the financial crisis and overhaul the health-care system. He is a contributor to Bloomberg View.

Khorana and Hoover succeed Carsten Stendevad, who was recruited in December by ATP, Denmark’s biggest pension fund, to be that firm’s chief executive officer.

Hoover, who joined Citigroup in 2011 with more than 20 years of banking and capital-markets experience, will remain vice chairman of capital-markets origination, according to the memo. Khorana has worked at the bank since 2007.

To contact the reporter on this story: Donal Griffin in New York at dgriffin10@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.