Citigroup has hired Jacob “Jack” Lew to be chief operating officer for its global wealth management business. Mr Lew was the last White ...

Citigroup has hired Jacob “Jack” Lew to be chief operating officer for its global wealth management business. Mr Lew was the last White House budget director under President Bill Clinton. At Citigroup, Mr Lew will report to Todd Thomson, the chairman and chief executive of Citigroup Wealth Management. Mr Lew was Clinton's director of the Office of Management and Budget from mid-1998 through to January 2001. He most recently worked as executive vice president for operations at New York University. "I worked with Jack Lew for years in the Clinton Administration, and he was enormously respected by all for his ability and for his qualities as an individual," Robert Rubin, Treasury Secretary under Clinton who is now chairman of Citigroup's executive committee, said in a statement.