WASHINGTON (CNN) - As President Barack Obama mulls whether to nominate Lawrence Summers to lead the Federal Reserve, the Harvard professor has suspended his activities with banking behemoth Citigroup.

"Mr. Summers has withdrawn from participation in all Citi events while he is under consideration to be Chairman of the Federal Reserve," Danielle Romero-Apsilos, a spokeswoman for the company, said in an e-mailed statement.

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