Former IMF managing director Rodrigo de Rato, whose June 2007 announcement that he would resign surprised many, has taken up posts at large private sector banking institutions. Lazard, a global investment banking firm, has appointed de Rato as senior managing director of investment banking working out of both the Madrid and London offices. Lazard’s CEO cited de Rato’s “relationships in both the private and public sectors” as one of the reasons he was hired. Banco Santander, a Spanish multinational bank, apparently only valued his “knowledge of the world economy, his experience and global vision” as the reasons to have him on their international advisory board.