Lawrence Summers has suspended ties with Citigroup Inc. while the White House considers nominating him to serve as the next chairman of the Federal Reserve, Citigroup said in a statement.
“Mr. Summers has withdrawn from participation in all Citi events while he is under consideration to be chairman of the Federal Reserve,” Danielle Romero-Apsilos, a spokeswoman for the New York-based lender, said today in an e-mailed statement, reports Bloomberg.
Summers was to give the keynote address on challenges to the global economy at a Citigroup research seminar in Washington on Oct. 13, according to an invitation on the website of Citigroup.
Citigroup hired Summers, 58, “for small private-bank client and institutional client meetings,” Romero-Apsilos said in an earlier e-mailed statement. He provided “insight on a broad range of topics including the global and domestic economy.”