Ex-Mastercard CEO Ajay Banga confirmed as World Bank leader

Former Mastercard CEO Ajay Banga, an Indian army officer’s son with decades of corporate experience, has been confirmed to lead the World Bank for a five-year term that starts next month. The U.S.-nominated business veteran succeeds David Malpass, a Donald Trump pick who's ending his tenure early at the 189-nation global poverty-fighting institution. Malpass came under pressure for declining to say whether he agreed with the scientific consensus on climate change. President Joe Biden chose Banga in February, praising the nominee for his “critical experience” in tackling “the most urgent challenges of our time,″ such as climate change. The United States is the bank’s largest shareholder and traditionally has nominated the organization’s president.