John Snow, Treasury secretary, has reportedly told the White House he will leave the administration by the summer and return to the private sector, bringing to a close months of speculation about his tenure in a job whose status has been eroded during the Bush administration.

President George W. Bush on Thursday night said he had not had direct talks with Mr Snow, following a report that he was preparing to leave by the summer. “He has not talked to me about resignation,” he said, before adding: “I think hs done a fine job. I mean, after all, our economy is strong.”