Wolfensohn Confirms World Bank Departure
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Bank president told Treasury Secretary John W. Snow that he will step down after a decade at the helm when his term expires in June.
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Charles E. Williams, the controversial chief of the State Department's embassy-building program, announced his retirement yesterday, effective at the end of the month.
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Robert Zoellick, picked by U.S. President George W. Bush on Wednesday to head the World Bank, said his biggest challenge would be to "calm the waters" following the storm over outgoing president Paul Wolfowitz.
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Bank One said Thursday that its chief economist is leaving the company, less than two months after it was purchased by JP Morgan Chase &amp; Co.
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Robert B. Zoellick, the new chief of the World Bank, will need to smooth ruffled feathers left by his predecessor Paul D. Wolfowitz.
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Klaus Zumwinkel has offered his resignation following an alleged tax probe.
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World Bank President James Wolfensohn will leave his post at the beginning of June, when his term expires, and a search is now under way for someone to replace him, a U.S. Treasury spokesman said on Monday.
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Robert Zoellick, a nimble negotiator who has crisscrossed the globe as President Bush's trade chief and as the country's No. 2 diplomat, is the White House's choice to be the next World Bank president. Bush will announce the decision on Wednesday, according to a senior administration official.
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Western nations must prepare for a future dominated by China and India, whose rapid economic rise will soon fundamentally alter the balance of power, former World Bank chief James Wolfensohn has warned.
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President Bush chooses former top diplomat Robert Zoellick to replace Paul Wolfowitz at the World Bank, officials say.
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An anti-corruption unit at the World Bank heavily promoted by ousted president Paul D. Wolfowitz needs to be overhauled to mend tense relations with the rest of the bank's staff, according to a report released yesterday by a high-level outside review panel.
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U.S. President George W. Bush on Wednesday nominated Robert Zoellick, the former U.S. deputy secretary of state, to be the new World Bank president, describing him as a "committed internationalist."
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U.S. Deputy Secretary of State   Robert Zoellick announced his resignation on Monday to join   investment house Goldman Sachs, after focusing on China and   Sudan in the No. 2 job at the department.
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Commerzbank, Germany's fourth-biggest bank, said that the head of its investment banking division, Mehmet Dalman, has quit.
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Just when it appeared things had quieted down a bit at the World Bank, a mini-uproar developed this week over word that Robin Cleveland , top aide to outgoing bank chief Paul Wolfowitz , might be thinking of staying put.
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NEW BANK LEADER: President Bush has chosen Robert Zoellick, a one-time U.S. trade representative and former No. 2 official at the State Department, to lead the World Bank. Bush will announce the decision on Wednesday.
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The comment was the first public acknowledgement by James D. Wolfensohn, president of the World Bank, 71, that he is unlikely to win the backing of the Bush administration for a third term.