President Barack Obama is reportedly going to lose another member of his economic advisory team, and a big one at that, after the midterm elections this fall. The Bloomberg news service brought word Tuesday that Larry Summers plans to leave the White House before the end of 2010 and will head back to Harvard.

Lest this information strike anyone as a welcome sign that the Obama administration is loosening its close ties to Wall Street, however, that’s not looking too likely.

Update: President Obama confirmed the news later Tuesday about Summers’ coming departure. –KA

Bloomberg:

Administration officials are weighing whether to name a prominent corporate executive to replace Summers to counter criticism the administration is anti-business, one person familiar with White House discussions said. White House aides are also eager to name a woman to serve in a high-level position, two people said. They also are concerned about finding someone with Summers’s experience and stature, one person said.

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#barack obama#economy#harvard#lawrence summers#timothy geithner#wall street#white house