New Deputy Mayor To Work On Improving Economy -- For Just $1 Per Year

CHICAGO (CBS) -- Chicago's incoming deputy mayor is on a mission to improve the city's financial situation and draw businesses large and small – for a salary of only $1 per year.

Steven Koch last week was named the new deputy mayor of Chicago, succeeding the departing Mark Angelson effective Sept. 4. Koch has spent 27 years at Credit Suisse – holding senior leadership roles in the mergers and acquisitions and investment banking departments – and has lived and worked in Chicago since 1986.

Koch told Kris Gutierrez and Susan Carlson on the CBS 2 Morning News Monday that he will now apply that knowledge to "propel Chicago forward from an economic standpoint."

"I'm going to spend a little time being sort of a resource with respect to the city's own finances – both with respect to the budget, and importantly, in terms of fixing our balance sheet," Koch said. "But really, a critical part of the job is continuing to work with the mayor on his agenda of making Chicago probably the most economically successful city in the country. We need to bring jobs to Chicago. We need to bring companies to Chicago."

Both small and large businesses are needed to move the city ahead, Koch said. He added that the city is already on the right track.

""I think it's a lot of what we're already doing," Koch said. "You know, it's reducing red tape, it's making Chicago a better partner to small businesses that are here, and making Chicago a great place for a large business to bring its headquarters, or bring a factory, or just bring jobs," Koch said.

Koch is doing all this for a salary of just $1 a year, and he says the salary is not important.

"The salary really doesn't have anything to do with it," he said. "Obviously, it's something I can do, and its' a little bit of giving back, but it's more important that the job is something that I've been interested in for a long time."

Koch worked with Mayor Rahm Emanuel as part of the transition after he took office, and on some projects since.

He also serves as chairman of the board of both the Sinai Health System of Chicago and the Greater Chicago Food Depository, as co-chairman of the Green Ribbon Committee on Sustainability and Climate Change of Chicago, and as a life trustee of the Francis W. Parker private school in Lincoln Park.

Koch's outgoing predecessor, Mark Angelson, will become chairman of the Scholar Rescue Fund at the Institute of International education, and will serve as a trustee at Northwestern University and a teacher at its Kellogg School of Management.