After his tenure as the director of the Office of Management and Budget under President Obama, Peter Orszag became the Vice Chairman of Global Banking at Citigroup, and he has held this position since January of 2011. As Citi’s Vice Chairman of Global Banking, Orszag’s primary role is corporate advisory work.
Citigroup is an American multinational group that provides financial services across 140 countries. The company is based in New York City and formed as a merger between Travelers Group and Citicorp in 1998. Citigroup is currently America’s third largest bank and has over 16,000 offices all over the world. From his vice chairman position, Orszag oversees around 250,000 staff members with over 200 million customer accounts.
In transitioning from serving under a presidential administration to working for Citigroup, Orszag follows in the footsteps of one of his mentors, Robert Rubin. Rubin worked as the U.S. Secretary of the Treasury under both Clinton administrations and found a post-government role as Director and Senior Counselor of Citigroup. He would later serve temporarily as Chairman of Citigroup. Orszag’s economic philosophies are in keeping with Rubin’s, stressing free markets, balanced budgets, and limited regulation to solve the economy’s overall climate.
Peter Orszag is also a member of Citigroup’s Senior Strategic Advisory Group. Here he joins other senior banking members to shape the banking group’s financial policies. The group also focuses on managing client relationships.
Even with his full schedule with this massive banking group, Orszag remains a working economist, spending a third of his time conducting macroeconomic research.