Treasury Secretary Timothy Geithner stepping down by end of January

United States Treasury Secretary Timothy Geithner is stepping down from his post by the end of January. Geithner’s resignation could transpire even before a debt deal is reached between President Barack Obama and the Republican leadership in Congress.

Bloomberg News first reported that two anonymous sources close to the situation confirmed he would be leaving Washington and head back to New York.  The White House has yet to comment on the situation and the Treasury Department told Politico:

“Secretary Geithner has previously stated that he plans to be at Treasury until around the inauguration. We do not plan to make any further announcements about the timing of the Secretary’s departure until after his successor is named.”

Meanwhile, the White House has two possible suitors that it has been courting: American Express Co. Chief Executive Officer Kenneth Chenault, who has not shown any interest in leaving his lucrative private sector position, and White House Chief of Staff Jack Lew, a possible frontrunner, but lacks the experience in the financial sector.

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