Lazard has announced that Peter R. Orszag will join the firm as a Managing Director and a Vice Chairman of Investment Banking, effective May 16. Based in New York, Orszag will advise clients on mergers and acquisitions and other financial and strategic matters.

“Peter is one of the most respected economic advisors on the world stage,” said Kenneth M. Jacobs, Chairman and Chief Executive Officer of Lazard. “His expertise in finance, capital markets and public policy across industry sectors will be invaluable.”

“We welcome Peter’s insights and counsel in helping clients navigate the impact of a dynamic economic landscape, as they consider strategic challenges and opportunities for growth,” said Alexander F. Stern, Chief Executive Officer of Financial Advisory and Chief Operating Officer of Lazard. “He will be an integral member of our global advisory team.”

“Lazard occupies a unique position in global investment banking as a trusted advisor to leaders of business and government worldwide,” said Mr. Orszag. “I’m looking forward to working with the highest concentration of senior-level advisory bankers in the industry.”

Orszag will join Lazard from Citibank, where he was Vice Chairman of Corporate and Investment Banking and Chairman of the Financial Strategy and Solutions Group, since January 2011. He previously served as a Distinguished Visiting Fellow at the Council on Foreign Relations and a Contributing Columnist at The New York Times. He served as the Director of the Office of Management and Budget in the Obama Administration, a Cabinet level position, from January 2009 until July 2010. From January 2007 to December 2008, Orszag was the Director of the Congressional Budget Office (CBO). Prior to CBO, Mr. Orszag was the Joseph A. Pechman Senior Fellow and Deputy Director of Economic Studies at the Brookings Institution.

During the Clinton Administration, he was a Special Assistant to the President for Economic Policy and before that a staff economist and then Senior Advisor and Senior Economist at the President’s Council of Economic Advisers.

Orszag graduated summa cum laude in economics from Princeton University and obtained a Ph.D. in economics from the London School of Economics, which he attended as a Marshall Scholar. He is a Nonresident Senior Fellow in Economic Studies at the Brookings Institution and a Contributing Columnist at Bloomberg View.