Report: Volcker to step down as top Obama economic adviser

Volcker's departure would come as the latest such exit from the White House. Former Chief of Staff Rahm Emanuel resigned in the fall to run for mayor of Chicago, and National Economic Council Director Lawrence Summers returned to Harvard at the end of the year. David Plouffe, Obama's campaign manager, is expected to soon join the administration as the president's top adviser as David Axelrod prepares to return to Chicago to help craft Obama's reelection campaign.

The report comes on the same day White House press secretary Robert Gibbs announced he would be departing to pursue work in the private sector. Gibbs said the administration is currently undergoing a "major retooling" of senior staff.