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Peter Orszag

CEO, Financial Advisory

Lazard

New York, NY, USA

Peter Orszag
Ben Francis
Gymshark Ltd
John Grayken
Lone Star Funds

Biography

Peter R. Orszag is CEO of Financial Advisory at Lazard Freres & Co LLC. He leads the firm’s advisory businesses that serve companies and governments across the globe. Previously, he was 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 increased its focus on climate change and healthcare.

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 holds an honorary doctorate from Rensselaer Polytechnic Institute.

Peter Orszag’s Newsfeed

Bloomberg
Covid Is Killing People in More Ways Than One

"The 2020 mortality rate from various causes is higher than expected, and health-care leaders need to pay attention," writes Peter Orszag, CEO of Financial Advisory at Lazard and Bloomberg Columnist. He continues, citing a study by the Centers for Disease Control that suggests "mortality is higher in 2020 than expected for reasons beyond coronavirus infections. Most of the excess deaths are health-related, but they extend as far as motor vehicle crashes."

Bloomberg
In 2020, Extra Reasons to Be Grateful for Thanksgiving Dinner

The Covid-19 pandemic has, if anything, strengthened the world’s food systems.

"As Thanksgiving approaches with the pandemic still raging, we can be grateful that at least one of our basic support systems has operated better than expected: the food supply. When Covid-19 first hit the U.S., fears spread that the meat supply in particular would be severely disrupted. Because of the hard work of farmers and food suppliers, however, plenty of protein is available for everyone’s Thanksgiving dinner. The pandemic has nonetheless left its imprint on how and what we eat..."

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Peter Orszag’s Background

Lazard
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.
Bloomberg Opinion
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 Board Positions

Peterson Institute for International Economics
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.
Mount Sinai Medical Center
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 Board Positions

Council of Economic Advisors
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.
Brookings Institution
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

New Visions for Public Schools
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.
Robert Wood Johnson Foundation
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

Bloomberg: Surveillance
Podcast Interview
Dec 2020
New York, NY, USA
Peter Orszag, Bloomberg Opinion Columnist and Lazard CEO of Financial Advisory, joins the Bloomberg: Surveillance Podcast to discuss the urgent need for the government to pass an effective stimulus relief plan to counter the economic impact of the Covid-19 pandemic. If that is not done, Orszag says, more economic pain is on the horizon.
It’s a self-inflicted wound without additional fiscal stimulus: Lazard’s Orszag
Interview
Nov 2020
New York, NY, USA
Peter Orszag, CEO of Financial Advisory at Lazard, says the lack of a new fiscal stimulus bill to boost the economy makes a difficult situation worse. He joins ‘Closing Bell’ to talk about the economic damage short- and long-term.
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Publications

Fiscal resiliency in a deeply uncertain world: The role of semiautonomous discretion
Co-author
Jan 2021
New York, NY, USA
In this Policy Brief for the Peterson Institute for International Economics, Peter Orszag, Robert Rubin, and Joseph Stiglitz outline a new fiscal framework that they argue would better equip policymakers to face deep uncertainties about future interest rates (which, they say, may not remain low forever), hard-to-predict global shocks, and climate risks.
Memo to the IMF on how to respond to sovereign debt challenges in the wake of the pandemic
Author
Nov 2020
Washington, DC, USA
This study is part of a special PIIE series titled 'Rebuilding the Global Economy', which focuses on policy priorities and solutions heading into 2021. In this piece, Peter Orszag discusses debt challenges that reflect not only the current crisis but also the legacy of borrowing during easy global financial conditions over many years. He proposes six steps of reform to meet these challenges.
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Memberships

National Academy of Medicine
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.

Speaking Engagements

Fiscal resiliency in a deeply uncertain world
Featured Speaker
Jan 2021
Peter Orszag, Robert Rubin, and Joseph E. Stiglitz discussed their PIIE Policy Brief, “Fiscal Resiliency in a Deeply Uncertain World,” in which they present a new fiscal framework that they argue better reflects the uncertainties affecting the budget.
World Economic Forum: Strategic Outlook on Healthcare
Panel Member
Feb 2019
Davos, CH
Peter Orszag joins a panel of experts at the 2019 World Economic Forum at Davos titled 'Strategic Outlook on Healthcare'. The focus of the panel is a discussion of the global effects of US drug price regulation, vertical consolidation and mega-mergers, and the pay-offs of digital transformation.
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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
Princeton University
AB, Economics
1987 - 1991
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