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Carlos Ortiz

Peter Orszag

CEO, Financial Advisory

Lazard

New York, NY, USA

Peter Orszag

Biography

Peter R. Orszag is CEO of Financial Advisory at Lazard Freres & Co LLC, leading the firm’s advisory businesses that serve companies and governments across the globe. He previously served as the firm’s Head of North American Mergers & Acquisitions and Global Co-Head of Healthcare.

Before joining Lazard, Peter served as Vice Chairman of Corporate and Investment Banking and Chairman of the Financial Strategy and Solutions Group at Citigroup, Inc. Prior, he was a Distinguished Visiting Fellow at the Council on Foreign Relations and Contributing Columnist at the New York Times.

Peter’s public sector service was built upon his economic and healthcare expertise. He served as Director of the Office of Management and Budget (OMB) in the Obama Administration, a Cabinet-level position, from January 2009 until July 2010. From January 2007 to December 2008, Peter was Director of the Congressional Budget Office (CBO). Under his leadership, the agency significantly expanded its focus on healthcare and climate change.

Peter serves on the Board of New Visions for Public Schools, a nonprofit that promotes access to high-quality education for all NYC public school students, regardless of economic status. He is a member of the National Academy of Medicine, a nonprofit that advises on national and international issues of health, medicine, and related policy. Peter is also on the Boards of Mt. Sinai Medical Center and Peterson Institute for International Economics. He is a contributing writer for Bloomberg and has co-authored or co-edited a number of books, including: Protecting the Homeland (2006), Saving Social Security: A Balanced Approach (2004), and American Economic Policy in the 1990s (2002).

An alumnus of Princeton University, Peter graduated summa cum laude with a BA in economics, later earning a PhD in economics from The London School of Economics, which he attended as a Marshall Scholar. He also holds an honorary doctorate from Rensselaer Polytechnic Institute.

Peter Orszag’s Newsfeed

MarketScreener
GHC, LLC Announces the Virtual Summit on Health System Recovery From The COVID-19 Pandemic

Peter Orszag, CEO of Financial Advisory at Lazard, will be among the over 100 national experts taking part in the Virtual Summit on Health System Recovery from COVID-19 Pandemic organized by Global Health Care, LLC (GHC). The summit. which features over 40 sessions, takes place June 22 - 24 in the form of an online video broadcast which will be offered live and archived. 

Bloomberg
The Cape Cod Theory of Pandemic Response

In this column for Bloomberg, Peter Orzsag introduces two perspectives of the Cape Cod Theory of the economic impact from the coronavirus pandemic. The first perspective suggests that the economic impact is like Cape Cod during the winter: The economy goes into a deep freeze, but then reopens the next summer. The second says it is like Cape Cod in the summer: this stoppage was unexpected and it’s not clear when the economy will bounce back. The key variable distinguishing the two scenarios, Orszag says, is how consumers respond: "Do people feel it is safe to return to previous activities, whatever the government does or doesn’t mandate?"

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Peter Orszag’s Background

CEO, Financial Advisory
Jun 2019 - Present
New York, NY, USA
Lazard generates about half its revenue from financial advisory, which includes M&A and the remainder from asset management. While the firm has consistently been one of the top 10 advisers on deals globally.
Columnist
2011 - Present
New York, NY, USA
Bloomberg connects decision makers to a dynamic network of business & financial information, news, ideas & people around the world.
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Current Non-Executive Positions

Board of Directors
2011 - Present
Washington, DC, USA
The Peterson Institute for International Economics is a private, non-profit, non-partisan research institution, devoted to the study of international economic policy.
Board of Directors
New York, NY, USA
The Mount Sinai Health System is an integrated health care system providing exceptional medical care to local & global communities.

Previous Non-Executive Positions

Senior Advisor & Senior Economist
Washington, DC, USA
The Council of Economic Advisors, an agency within the Executive Office of the President, is charged with offering the President objective economic advice for domestic & international economic policy.
Senior Fellow
2000 - 2006
Washington, DC, USA
Brookings experts conduct high-quality, independent research and produce innovative policy solutions for the nation and world. Brookings is proud to be ranked as the most influential, most quoted and most trusted think tank.

Philanthropy

Board of Directors
New York, NY, USA
New Visions for Public Schools are dedicated to ensuring that all New York City public school students, regardless of race or economic class, have access to high-quality education to prepare them for the rigors of college & the workforce.
Board of Directors
2011 - 2017
Princeton, NJ, USA
The Robert Wood Johnson Foundation has worked to improve health and health care. They work alongside others to build a national Culture of Health, to provide everyone in America with a fair opportunity for health and well-being.

Media

The Economic Club of Chicago
May 2020
Chicago, IL, USA
The Economic Club of Chicago hosted a virtual program with Dr. Peter Orszag, CEO of Financial Advisory at Lazard Frères & Co. LLC, who discussed the current state of the economy, fiscal responsibility and the impact of the COVID-19 pandemic on health care policy. The conversation was moderated by Peter Q. Thompson, chair of Midwest Advisory at Lazard Frères & Co. LLC.
CNBC Markets Interview
Apr 2020
New York, NY, USA
Peter Orszag, current CEO of financial advisory at Lazard and former director of the OMB, says he does not think properly administered oversight will create bureaucratic inefficiencies that make it harder to execute the programs. “Oversight doesn’t necessarily impede speed here,” he said. “I think the more oversight the better, in part because we really do need to get money out the door fast."

Publications

Co-Author
2004
New York, NY, USA
Published in 2014 and co-authored by a team of leaders & thinkers from across the political spectrum, the book sets out a vision where policy makers base decisions not on politics or expedience, but on evidence of what works.
Co-author & Co-editor
2006
New York, NY, USA
This collection of essays addresses retirement trends in the United States and puts forth ideas to enable Americans to develop higher levels of retirement savings.
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Memberships

Member
2008 - Present
Washington, DC, USA
Founded in 1970 as the Institute of Medicine (IOM), the National Academy of Medicine (NAM) is one of three academies that make up the National Academies of Sciences, Engineering, and Medicine in the U.S. The National Academies are private, nonprofit institutions that work outside of government to provide objective advice on matters of science, technology, and health.

Peter Orszag’s Education

London School of Economics & Political Science logo London School of Economics & Political Science logo
London School of Economics & Political Science
PhD Economics
1992 - 1996
AB, Economics
1987 - 1991
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