Job Shuffle Ahead?

The presidency of the World Bank is a position that has not received much attention in recent years, but under the Baker plan for dealing with Third World debt, it could take on far greater importance. Accordingly, after A.W. Clausen announced last week that he will step down as head of the global lender, speculation began almost immediately over who might succeed him. The post has traditionally been held by an American, and the opening could lead to an intriguing round-robin job shuffle.

Heading the list of prospective successors to Clausen is Paul Volcker, 58, chairman of the Federal Reserve Board. One enticement: the World Bank presidency pays $175,000 a year, vs. the $75,100 that Volcker now earns. The Fed chairman, whose term does not end until August 1987, refuses to comment on the speculation, and aides deny that he has any interest in running the bank.

Yet Volcker might be tempted to move on if he sees his control of the Federal Reserve increasingly challenged. Last week the Reagan Administration announced the nomination to the Fed board of two conservatives who might diminish his policy clout. As expected, the President chose Manuel Johnson, 36, an Assistant Treasury Secretary and supply-side advocate, and Wayne Angell, 55, a Kansas banker, economist and farmer, to fill vacancies on the seven-member board. Their selection, coupled with two earlier Reagan appointments, will produce a majority of the board less likely to toe the Volcker line on monetary policy.

Should Volcker stay put, Wall Street insiders speculate that the World Bank job could go to one of two other candidates. They are John Whitehead, 63, Deputy Secretary of State and former co-chairman of the investment firm of Goldman Sachs, and retired Citibank Chairman Walter Wriston, 66.

Any move by Volcker would, of course, leave open the powerful position of Federal Reserve chairman. The rumor mill is already putting forth candidates for the position. One is Secretary of State George Shultz, who has a strong economics background and served as Treasury Secretary under Nixon. Another prospect is Donald Regan, White House chief of staff and former Treasury Secretary. Washington speculation has it that First Mate Nancy Reagan wants the politically maladroit Regan out of the White House. The gossips have taken things from there and now have Regan headed for the Fed. Stay tuned.