Melissa Aviles-Ramos will be NYC's next Schools Chancellor, per sources.
The announcement will come on Wednesday.
Banks's retirement announcement on Tuesday comes amid a federal investigation into Mayor Eric Adams' administration that led to Banks' phone being seized about three weeks ago.
He is the fourth high-ranking member of the Adams administration to leave in recent weeks including, Police Commissioner Edward Caban, who is also under federal investigation, the Mayor's chief counsel, Lisa Zornberg, who said she could no longer defend the mayor, and on Monday city health commissioner, Ashwin Vasan said he would retire at the end of the year. Although there is no indication that he is under investigation.
Banks will retire at the end of the calendar year, according to a letter he sent to City Hall obtained by ABC News, after nearly 40 years of service to the city's public schools.
"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 one that I will always cherish," his letter said. "We have faced many challenges and made significant strides in improving the educational landscape for our students, families and educators. Together we laid the groundwork to ensure every child can read, expanded special education services and gifted & talented programs, improved school food, welcomed over 45,000 migrant students and, through a series of innovative partnerships ensured that all students will graduate on a pathway to a rewarding career and long-term economic security, equipped to be a positive force for change."
In his statement, Banks said, "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' plan to retire had not been publicly-known. In fact, here's what he said eleven days ago.
"We will all wait and see where these investigations go and, other than that, I am very, very focused on my work."
The letter, dated Tuesday, suggested the decision was in the works prior to the federal investigations that have engulfed the Adams administration. But in recent weeks, the home Banks shares with Deputy Mayor Sheena Wright was raided by federal investigators, who seized his phone.
Banks' two brothers are also involved in the investigations which encompass bid-rigging for city contracts and enforcement of nightlife regulations governing bars and clubs.
The chancellor's letter went on to say he will do everything possible to ensure a smooth transition to the next chancellor.
Adams' police commissioner Edward Caban resigned earlier this month after FBI agents served subpoenas on him, Banks, two deputy mayors, and a city contractor and a top mayoral adviser, among others.
New York City Health Commissioner Dr. Ashwin Vasan also submitted his resignation Monday and will leave office by the end of the year. He says he's leaving the post due to personal reasons and not due to the ongoing federal investigations involving the Adams administration.
Adams released the following statement about Banks' retirement:
"I am immensely grateful and proud of the work accomplished in New York City Public Schools under Chancellor David Banks. In less than three years, our city's public schools have transformed - from ensuring schools were safe and open coming out of the pandemic to a space that has increased our students' reading scores, math scores, and graduation rates. We've implemented critical initiatives like 'NYC Reads,' 'NYC Solves,' and universal dyslexia screenings, while also ensuring a seamless and timely coordination with partners to welcome, enroll, and support thousands of newly-arriving students and their families on a citywide scale. We've done all this and more on behalf of nearly 1 million public school students, and Chancellor Banks was crucial to getting that done every day. On behalf of all New Yorkers, we thank Chancellor Banks for his service, and wish him well in his retirement at the end of the calendar year."
Sheena Wright routinely attends the mayor's weekly Q&A with reporters. But Wright was not among the officials attending Tuesday and there is growing speculation that she may be next to leave.
City Council Member Robert Holden says the Mayor seems determined to soldier on.
"We met with him on the day of some of the raids, and he was unfazed. So he's got a good poker face, so far. It's just a matter of time: Is this going to catch up to him and he's just going to wake up one morning and not be able to function because he's a human being? So this has to be weighing on him," Holden said.
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