NYC Schools Chancellor David Banks expected to retire by end of year

New York City Schools Chancellor David Banks is expected to retire from his position by the end of the year, he shared in a letter to Mayor Eric Adams.

Banks, who previously had run a network of boys' schools, was named the schools chancellor in 2022 by Adams. He informed the mayor on Tuesday that he would be retiring effective Dec. 31, 2024.

Banks said he had told Adams ahead of the start of the school year that he would be retiring, and the letter was submitted Tuesday.

"During our meeting earlier this year, I advised you that I intend to retire at the end of this calendar year after ensuring the school year got off to a good start," Banks wrote in his letter to the mayor. "I am incredibly proud of what we have accomplished during my tenure and the opportunity to work alongside such dedicated professionals to shape the future of education in our great city is on that I will always cherish."

In a statement after the retirement announcement was made, the United Federation of Teachers called Banks "an educator who sought to improve public education for all students. We thank him for his partnership, passion, and collaboration and wish him well."

Word of the retirement came in direct contrast to what the mayor said earlier in the day, telling reporters that there was no mass exodus of officials from his inner circle.

"I'm really lost when people say 'the level of people that have left your administration.' There's no level of people that have left my administration," Adams said, before referencing the departures of Health Commissioner Ashwin Vasan and now-former NYPD Commissioner Edward Caban. "I think that the natural transition is people say 'I want to do something else with my life.' I don't have a problem with that. I tell my team all the time, you have to do this work until you're ready to transition out."

Banks — along with his brother, Deputy Mayor Phil Banks, and fiancée Sheena Wright, who serves as a deputy mayor as well — was among City Hall officials to have devices seized as part of the multiple investigations swirling around City Hall in recent weeks.

The devices may have been seized as part of an investigation into whether a third Banks brother obtained city contracts.

Terence Banks, the youngest of the Banks brothers, was formerly a mid-level supervisor in NYC's subway system and later launched a consulting firm that promised to connect businesses to key government stakeholders. The firm represented companies seeking work with city agencies, including the education and police departments.

Formerly a mid-level supervisor in New York City's subway system, Terence Banks launched a consulting firm that promised to connect businesses to key government stakeholders. The firm represented companies seeking work with city agencies, including the education and police departments.

According to public records, some of those companies received millions of dollars in city contracts — and in one case got a personal meeting with the schools chancellor — after hiring Terrence Banks.

There have been no accusations of wrongdoing against David Banks, Phil Banks or Mayor Eric Adams, and none have been charged with any crimes. Adams has defended the Banks brothers, noting that his relationship with the family goes back to his time serving under their father in the police department.

When asked about mounting concerns that someone could be charged as soon as this week, the mayor did not dissuade those concerns Tuesday.

"I'm not going to do this daily reporting, I said that before," he said at Tuesday's press conference. "My legal team is managing the legal strategy for the investigation. Let them handle their job."

The comments came as there were six separate federal criminal investigations underway involving members of the Adams administration. Included in those investigations have been questions about foreign campaign donations, travel upgrades, contracts awarded to friends and family of senior officials, and possible shakedowns over nightlife enforcement.

This is a developing story, please check back for updates.