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PR- 283-10
June 22, 2010


Following a Long, Successful Career in Finance and as a Senior Fellow at Harvard’s Kennedy School of Government, Steel Served as President Bush’s Under Secretary for Domestic Finance at the U.S. Department of Treasury and Helped Lead Several National Nonprofits

Mayor Michael R. Bloomberg today appointed former Under Secretary for Domestic Finance at the U.S. Department of Treasury Robert K. Steel as Deputy Mayor for Economic Development. From 2006 to 2008, Deputy Mayor Steel served as chief advisor to the Treasury Secretary on financial and economic matters. Prior to that appointment, he spent 28 years at Goldman Sachs, ultimately rising to co-head of the U.S. Equities Division and Vice Chairman of the firm. He later co-founded SeaChange Capital Partners, a national nonprofit that helps nonprofits grow. After leaving the Treasury Department, Deputy Mayor Steel became president and CEO of Wachovia bank, leading its business-saving merger with Wells Fargo. He currently serves as Board chair of the After School Corporation and the Aspen Institute. He advised the Administration in 2006 during the formation of its report on sustaining New York City's and the US's global competitiveness in financial services. He replaces Deputy Mayor for Economic Development Robert C. Lieber, who is leaving City government to return to the private sector. Joining Mayor Bloomberg and Deputy Mayor Steel in the Blue Room of City Hall for the announcement were outgoing Deputy Mayor Lieber, New York City Economic Development Corporation President Seth W. Pinsky, City Planning Commissioner Amanda M. Burden, Housing Preservation and Development Commissioner Rafael E. Cestero, Small Business Services Commissioner Robert W. Walsh, Office of Media and Entertainment Commissioner Katherine Oliver and Business Integrity Commission Chair Michael Mansfield.

"One of the hallmarks of our Administration is that our team has been comprised of the best and brightest people in their fields," said Mayor Bloomberg. "Bob Steel is an extraordinarily accomplished businessman and public servant, and we are extremely fortunate to have someone of his caliber join us. His time in the public and private sectors and academic world gives him a diversity of experience that will be invaluable to us as he takes on this new role. New York City is working through a difficult economic period, and now more than ever we need to find new ways to create jobs today and implement innovative measures to grow New York City's economy over the long-term. Bob Steel is going to help us do that."

"Throughout my career I've been involved with a number of outstanding organizations and worked for a variety of strong leaders. Today I'm as excited and honored to join this Administration and work for Mayor Bloomberg as I've ever been," said Deputy Mayor Steel. "Like all cities, New York City faces major challenges now and in the days ahead, but no city is better positioned to determine its own long-term future, and I'm very excited to have a chance to help do that."

While at the Treasury department, Steel was the principal adviser to Secretary Henry Paulson on matters of domestic finance and led the department's activities regarding the domestic financial system, fiscal policy and operations, and governmental assets and liabilities. During his tenure, Steel was a key architect of the government's response to the crises in the credit and mortgage markets. He regularly testified before House and Senate Committees on matters such as reform at Fannie Mae and Freddie Mac and foreclosure prevention. In 2008, he was honored with the Alexander Hamilton Award, the highest award given to a Treasury Department official.

Before joining the Treasury Department, Deputy Mayor Steel served as a senior fellow at the John F. Kennedy School of Government at Harvard University, where he co-taught a lecture and seminar course on U.S. financial markets regulation, for which he received an award for teaching excellence.

Prior to the Kennedy School, Steel spent 28 years at Goldman Sachs. In 1976, he joined the firm's Chicago office and in 1984 was promoted to co-head of Chicago institutional sales. In 1987, he founded the firm's Equity Capital Markets group in London, and became a trusted advisor to European governments and corporations trying to privatize major state-owned enterprises. By 1990, he had become a partner and head of Equities in Europe. In 1996, Steel was named co-head of Equities firm-wide, and in 2002, he was named vice chair of the firm. In that role, Steel steered the firm's strategy, oversaw its training and diversity initiatives, and served as its point person with regulators and key clients.

After leaving the Treasury Department in 2008, Deputy Mayor Steel served as president and CEO of Wachovia Corporation. While at Wachovia, he facilitated the bank's merger with Wells Fargo, creating the second-largest retail brokerage in the United States. At Wells Fargo's request, Steel now serves on its board of directors.

Steel currently chairs the boards of the After School Corporation, a nonprofit dedicated to providing young Americans enriching activities through after-school programs, and the Aspen Institute, an international nonprofit that fosters values-based leadership and an open dialogue about the ideals and ideas that define a good society. He is a member of the board of the Hospital for Special Surgery. He also serves on the Pew Charitable Trusts' Task Force on Financial Reform, where he advises members of the U.S. Senate and House on financial and economic matters, and he serves on the FDIC Advisory Committee on Economic Inclusion, seeking to improve low-income consumers' access to the financial mainstream.

In 2009, he completed his term as chair of the board of Duke University, and he currently serves on the Duke Global Health Institute Board of Advisors.

Deputy Mayor Steel received his undergraduate degree from Duke and his MBA from the University of Chicago.

The Mayor thanked Nathan Leventhal, Chairman of the Mayor's Committee on Appointments, and Andrea Shapiro Davis, Special Advisor to the Mayor, who collectively led the replacement search.


Stu Loeser/Andrew Brent   (212) 788-2958

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