Citigroup Inc., the bank 11 percent-owned by U.S. taxpayers, hired former Commerce Secretary Carlos Gutierrez as vice chairman of its institutional clients group.
Gutierrez, 57 and born in Havana, joins Citigroup from Global Political Strategies, a division of Apco Worldwide Inc., a Washington-based consulting company, where he was chairman, Citigroup said today in a statement. Gutierrez will start at the New York-based bank in January.
He served as Commerce chief under President George W. Bush from 2005 to 2009 after spending almost 30 years with Kellogg Co., the largest U.S. maker of breakfast cereal.
Gutierrez joined the Battle Creek, Michigan-based company in 1975 as a sales representative and rose to president and chief executive officer in 1999, becoming the company’s youngest CEO in its almost 100-year history, according to the statement. He was named board chairman in April 2000.
Citigroup’s institutional clients group includes the investment-banking and private-banking businesses. The unit reported $9 billion in net income for the year through September. The group’s chief executive officer is John Havens.
“I am excited to join Citi during an unprecedented time in the global financial markets,” Gutierrez said in the statement. “Citi’s full range of local geographic expertise and in-depth product knowledge is a distinguishing competitive advantage.”