Former Federal Reserve Chairman Alan Greenspan has been hired by Deutsche Bank db as an adviser to its corporate and investment banking unit, the German bank said Monday.
Greenspan, 81, stepped down at the beginning of 2006 as Fed chairman, a post he held since 1987. He was replaced by Ben Bernanke.
He will serve Deutsche Bank as a senior adviser "to provide ongoing advice and insight to Deutsche Bank's investment banking team," the bank said in a statement.
Greenspan's "position as one of the architects of the modern financial system gives him a unique perspective from which to help our clients make critical risk management decisions," Deutsche Bank Chief Executive Josef Ackermann said.
"I look forward to adding my perspectives on the world economy to (Deutsche Bank's) own and to helping the bank advise its clients," Greenspan said in a statement released by the bank.
In his advisory role at Deutsche, Greenspan will speak at conferences, attend meetings and take part in conference calls with bank clients, analysts and traders, the Wall Street Journal reported.
He will steer clear of issues related to Deutsche's asset-management arm to avoid any conflicts with an already established relationship with Pacific Investment Management, a unit of Allianz SE az, the newspaper added.