President-elect Barack Obama named two bankers Wednesday to play a core role in his transition team.

William Daley, JPMorgan Chase & Co.'s Midwest chairman, and Michael Froman, a former managing director at Citigroup Inc., will work on an advisory board to the Obama-Biden Transition Project, which was formed to smooth the new administration's path to the White House.

Mr. Daley, the brother of Mayor Richard Daley of Chicago, has worked at JPMorgan Chase since 2004 and was the Commerce Secretary from 1997 to 2000.

Mr. Froman was the chief of staff to former Treasury Secretary Robert Rubin and later followed him to Citi.

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