This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Citi's Talent Hunt is Bipartisan

Stocks in this article: C K

Updates to include information on Peter Orzag's hiring

NEW YORK ( TheStreet) -- Citigroup (C) has been shopping for talent on both sides of the political aisle, hiring Bush cabinet member Carlos Gutierrez and Obama economic aide Peter Orzag over the past week.

On Friday, Citi confirmed Orzag's hiring, after weeks of reported discussions. Orzag, who left his role as director of the Office of Management and Budget, will be joining the bank as vice chairman of global banking within Citi's institutional clients group.

John Havens, CEO of that group, said Orzag "brings a tremendous amount of knowledge as well as key private sector and government experience."

Since leaving the Obama camp in July, the high-profile economist and policy wonk has been shopping around Wall Street for a new life in the private sector. In addition to Citi, Orzag was reportedly speaking to private-equity firms Blackstone (BX) and Kohlberg Kravis & Roberts (KKR), but more recent chatter has centered on Citigroup.

"I am pleased to be joining Citi, with its unmatched global platform and dedication to providing clients with quality service and advice. I look forward to working with the experienced, dynamic team at Citi," Orszag said in a statement.

Orzag, who also worked as a senior economist under President Clinton, has appeared frequently in the media as Congress began to address complex and politically sensitive budget issues. He is also a distinguished fellow at the Council on Foreign Relations and contributes to a New York Times as a special columnist. On Friday, he penned his final column as an op-ed contributor for the New York Times, examining the role disability insurance plays in the country's unemployment problem.

In his role at Citi, he will not be allowed to have contact with the government, due to federal ethics laws.

The Orzag hiring announcement came a week after Citi said it had hired Carlos Gutierrez, a Commerce Secretary under President Bush.

Hiring Gutierrez plays to Citi's focus on international growth. Orzag would seem to offer more political and economic savvy for a bank that's still 12% owned by U.S. taxpayers and grappling with economic headwinds at home and abroad.

Gutierrez will become vice chairman of Citi's Institutional Clients Group and a member of its Senior Strategic Advisory Group. The Citi job ends a long string of unemployment for the former Kellogg (K) CEO, who has been collecting speaking fees and serving as chairman of a communications firm's international subsidiary. (Gutierrez was the subject of a Wall Street Journal profile of Bush's political appointees who were having a hard time finding work.)

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs