Chicago gets new financial chief

March 12, 2009 3:33:58 PM PDT
Chicago has a new person in charge of the city's finances.On Thursday, Mayor Daley named Gene Saffold as chief financial officer.

Saffold replaces Paul Volpe who was promoted in December as the mayor's chief of staff. Saffold comes from JP Morgan Chase where he was managing director for national accounts.

"I've asked him to protect all of our taxpayers and put the people of Chicago first. We must never forget that taxpayers pay all the bills and we must provide the service that they need and a way that they can afford it," said Mayor Daley.

Saffold takes over the CFO position in a tough economic time. The city faces a $200 million hole in the 2009 budget.