Jacob Lew, a former chief operating officer of Citigroup Alternative Investments, has replaced William Daley as President Obama’s chief of staff.

Obama announced yesterday that Daley, an ex-JP Morgan banker, had submitted his resignation last week and is returning to Chicago after only a year in the role. Obama confirmed the same day that Lew has agreed to replace him. Lew, who is better known as Jack, is currently director of the Office of Management and Budget.