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Citigroup names World Bank's Wolfensohn top adviser

Thu Nov 3, 2005 11:08 AM ET

NEW YORK, Nov 3 (Reuters) - Citigroup Inc. on Thursday named former World Bank chairman James Wolfensohn a senior adviser on global strategy and international matters, and said in 2006 he will become chairman of the company's international advisory board.

Wolfensohn is the second World Bank veteran in two days to join the world's largest financial services company. On Wednesday, Citigroup named Shengman Zhang, a managing director in charge of the World Bank's worldwide operations, a vice chairman in global banking and chairman of its public sector group.

Wolfensohn, 71, is chairman of Wolfensohn & Co., a corporate advisory and investment firm in New York. He chaired the World Bank for 10 years, and before that was a senior executive at two Citigroup predecessors, Salomon Brothers and Schroders Ltd.

"He is a champion of the needs and opportunities of developing nations, a thoughtful and creative adviser to governments and corporations, and a leader on the critical issues of globalization," Citigroup Chief Executive Charles Prince said in a statement.

Born in Australia, Wolfensohn is a naturalized U.S. citizen. He is a graduate of the University of Sydney and Harvard University's business school.