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FDIC chair to resign

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Federal Deposit Insurance Corp. Chair Martin Gruenberg announced plans to resign.

Gruenberg, who has been chair of the agency for nearly 10 of the past 13 years, has reportedly led a problematic culture at the FDIC. The agency commissioned a report that confirmed the findings of a Wall Street Journal article detailing a toxic work environment.

“In light of recent events, I am prepared to step down from my responsibilities once a successor is confirmed,” Gruenberg said in a statement on Monday. “Until that time, I will continue to fulfill my responsibilities as chairman of the FDIC, including the transformation of the FDIC’s workplace culture.”

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