Citigroup (NYSE: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.