William Daley, President Obama’s pick to become his chief of staff, has deep ties to Wall Street and the political world. He’s also a veteran of the alternative investments world.
Daley is currently chairman of JPMorgan Chase’s Midwestern operations and head of corporate and social responsibility. But before joining the bank in 2004—and before a three-year stint at telecommunications company SBC—he spent about nine months at alternatives firm Evercore Partners.
Evercore was launched by Roger Altman, a deputy Treasury secretary under President Bill Clinton. Daley served as Clinton’s commerce secretary in his second term, after helping negotiate the North American Free Trade Agreement.
Daley was born into politics: His father was the legendary Richard Daley, mayor of Chicago for more than two decades; his brother, also named Richard, has led the Windy City since 1989, but is not seeking a seventh term. Daley’s predecessor as White House chief of staff, Rahm Emmanuel, is hoping to succeed his successor’s brother as mayor of Chicago.
“Few Americans can boast the breadth of experience that Bill brings to the job,” Obama said. “He’s led major corporations, he possesses a deep understanding of how jobs are created and how to grow our economy.”
“While we will miss him greatly, Bill’s return to public service is great news for our country,” JPMorgan CEO Jamie Dimon said.