The World Bank’s embattled chief steps down

David Malpass’s presidency of the World Bank started and ended in controversy. When Donald Trump picked the former investment-bank economist and Treasury official in 2019, Mr Malpass was seen as someone who did not believe in multilateralism and might sabotage the bank. On February 15th, when he announced his intention to resign in June, he was dogged by comments in which he appeared to question climate change—a major focus for the lender. Between these dark clouds, though, Mr Malpass was a surprisingly effective leader. He helped stabilise a drifting institution and presided over a big expansion in its lending operations.Mr Malpass’s exit will come nearly a year before his term is due to expire, hinting at differences between him and the bank’s leading shareholders, including, notably, his own country. Earlier this month Janet Yellen, America’s treasury secretary, said the bank needed to move more quickly to reform its operations: for example, changing the way it analyses global challenges such as climate change and stretching its balance-sheet in order to disburse more money. Ms Yellen’s comments had the makings of an ambitious new agenda for the bank—all the more reason for a new president, armed with a five-year term and strong backing from member countries, rather than a lame duck in his final year. Mr Malpass described his early departure as “an opportunity for a smooth leadership transition”.