Ex-Obama budget director Orszag joins Citi

NEW YORK (CNNMoney.com) -- Former Obama administration budget director Peter Orszag is joining Citigroup's global banking division, the bank said Thursday.

Orszag will hold the title of vice chairman, and has been tapped to serve in the bank's Senior Strategic Advisory Group, which includes some of Citi's (C, Fortune 500) most senior bankers.

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

Orszag, formerly the youngest member of the Obama Cabinet, was a key part of the administration's economic team, serving as director of the Office of Management and Budget during the passage of the economic stimulus bill and this year's health care reform legislation.

As budget director, he crafted policy, but also was a prime negotiator with congressional Republicans.

Orszag headed the Congressional Budget Office for almost two years before Obama tapped him to be budget director shortly after the 2008 presidential election.

Due to ethics rules, Orszag is prohibited from contacting U.S. federal government officials in his new role.

After leaving the White House in July, Orszag was named a distinguished visiting fellow at the Council on Foreign Relations.

"Peter brings a tremendous amount of knowledge as well as key private sector and government experience to Global Banking," John Havens, CEO of Citi's Institutional Clients Group said in a statement. "His expertise in economic policy will complement our Investment Banking franchise around the world."

Earlier this week, the Treasury Department announced it was unloading the remaining Citi shares it received as part of a massive bailout package the government provided during the darkest days of late 2008 and early 2009.