Embattled FDIC Chair to Leave Agency on Eve of Inauguration (2)

Federal Deposit Insurance Corp. Chairman Martin Gruenberg will step down on Jan. 19, ending a career at an agency that struggled with last year’s banking turmoil and then a toxic workplace scandal.

“It has been the greatest honor of my career to serve at the FDIC,” Gruenberg said in a message Tuesday to agency employees. “I have especially valued the privilege of working with the dedicated public servants who carry out the critically important mission of this agency.”

Martin Gruenberg, chairman of the Federal Deposit Insurance Corp.

Photographer: Allison Robbert/Bloomberg

Gruenberg, a Democrat appointed by President Joe Biden, was a strong proponent of regulators’ bank-capital proposal. But he faced ...