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Bloomberg Names New Deputy Mayor for Economic Development

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Mayor Michael Bloomberg is appointing Robert Steel, a former Wall Street banker, as his deputy mayor for economic development, according to city officials.

Steel will be the third deputy mayor for economic development under Bloomberg to come out of the finance world. He spent most of his career -- 25 years -- at Goldman Sachs. But he also has government experience: He spent two years as a top Treasury Department official in President George W. Bush's administration, reporting to fellow Goldman alumnus Henry Paulson during the height of the financial crisis.

Steel left Washington to become chief executive of the then-struggling Wachovia Bank, and led the bank's sale to Wells Fargo. Steel replaces Robert Leiber, who's leaving government to join a private investment firm.