Saturday, 1 October 2016
Last updated 7 hours ago
Jan 19 2012 | 1:43am ET
Former Treasury Secretary Lawrence Summers, who spent three years as a part-time managing director at D.E. Shaw Group, may be headed back to Washington, D.C.
President Barack Obama may nominate Summers to serve as president of the World Bank later this year, Bloomberg News reports. The Treasury Department is currently compiling a list of possible candidates—Secretary of State Hillary Clinton is said to be among those being considered—to succeed Robert Zoellick. Appointed by former President George W. Bush, Zoellick's five-year term will expire in July.
Summers, who served as President Bill Clinton's last Treasury secretary, was Obama's first National Economic Council chief, holding that post until December 2010. Prior to returning to the White House, Summers worked at D.E. Shaw, earning more than $5 million in a job he took after resigning as president of Harvard University following a stormy five-year tenure.
Summers was chief economist at the World Bank from 1991 until 1993. He remains a tenured professor at Harvard.