Business Briefing | Retailing: Best Buy Shares Rally on Improved Holiday Sales

The Best Buy Company had better-than-expected holiday sales, setting off a gain of $2, or 16.4 percent, in its stock price, to $14.21 a share on Friday. The holiday quarter accounted for about a third of Best Buy’s revenue last year. The chain said that revenue at stores open at least a year fell 1.4 percent for the nine weeks ended Jan. 5. The company’s performance in the United States was flat. The chief executive, Hubert Joly, said in a statement that the result was better than the last several quarters. A Morningstar analyst, R. J. Hottovy, said the results showed that some of Best Buy’s initiatives, like more employee training and online price matching helped increase sales.

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Report on Savile Sexual Abuse Scandal to Be Released

LONDON — British police and the country’s leading children’s charity were preparing on Friday to publish comprehensive details of the sexual abuse scandal involving former television host Jimmy Savile that has convulsed the nation’s public broadcaster, drawn in a mounting tally of suspects and raised questions about the protection of children from predators.

The report was expected to claim that children as young as 10 were among the victims of Mr. Savile, who died October 2011 at age 84. A few weeks later, “Newsnight,” a flagship current affairs program on the British Broadcasting Corporation, canceled an investigation into allegations of sexual abuse by Mr. Savile shortly before the BBC broadcast Christmas tributes to him.

As the scandal grew, it forced the resignation of the former director general of the BBC, George Entwistle. Police officials said last month that 589 people have made accusations related to the scandal, including 450 allegation of abuse by Mr. Savile, once depicted as a somewhat zany national treasure devoted to charitable works. The accusation include 31 of rape.

In addition, police investigations into abuse by Mr. Savile and other prominent figures in the entertainment industry have led to 10 men being interviewed about sexual accusations that they all deny. Six more men, who have not been identified by name, are under investigation.

The Guardian newspaper said on Friday that the report to be published by Scotland Yard and the National Society for the Prevention of Cruelty to Children would accuse Mr. Savile of abusing children as young as 10. The institutions where abuse took place included a hospice for the dying, several hospitals and prisons and BBC premises, British news reports said.

Before the report was published, John Cameron, the head of child protection for the children’s charity, told The Guardian: “It is very clear that Savile assaulted very young children and that he was a prolific pedophile, there is no doubt about that. We want this to mark a cultural shift so that if a child speaks out about someone, we take what they are saying seriously and we act upon it always in future.”

A report commissioned by the BBC concluded last month that lax leadership hampered by “rigid management chains” left the corporation “completely incapable” of dealing with the crisis.

A 200-page report by Nick Pollard, a veteran British broadcast executive, strongly criticized the editorial and management decisions that prompted the BBC to cancel the broadcast in 2011 that would have exposed decades of abuse.

But Mr. Pollard absolved top management of applying “undue pressure” in the decision to stop the broadcast.

The report also did not challenge the assertions of Mark Thompson, then head of the BBC, that he had no role in killing the Savile investigation and was unaware of the sexual abuse accusations until he left the BBC this September. Mr. Thompson is now president and chief executive of The New York Times Company.

The report’s central conclusion was that confusion and mismanagement, not a cover-up, lay at the heart of the decision to drop the Savile segment on “Newsnight.”

A second BBC inquiry into the culture of the BBC over decades of abuse is continuing.

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Native Canadians could block development, chief warns

OTTAWA (Reuters) – Native Canadians are so angry that they could resort to blocking resource development and bring the economy “to its knees” unless the Conservative government addresses their grievances, an influential chief said on Thursday.

Native Canadian chiefs are due to meet with Prime Minister Stephen Harper on Friday to discuss the poor living conditions facing many of Canada’s 1.2 million aboriginals.

“We have had enough. Our young people have had enough. Our women have had enough … . We have nothing left to lose,” said Grand Chief Derek Nepinak from the province of Manitoba.

Activists have already blockaded some rail lines and threatened to close Canada’s borders with the United States in a campaign they call “Idle No More.”

Canada has 633 separate native “bands,” each of which have their own communities and lands, and not all share the same opinions. The chief of the Assembly of First Nations, the aboriginal umbrella group, said his members had come to a tipping point, but he made no mention of damaging the economy.

“You cannot ignore what is happening with Idle No More… We will drive the final stake in the heart of colonialism and it will happen in this generation,” Shawn Atleo told a separate news conference.

“First Nations are not opposed to resource development, they are just not supportive of development at any cost,” he said.

Native Canadian leaders say they want more federal money, a greater say over what happens to resources on their land and more respect from the federal Conservative government.

“These are demands, not requests,” said Nepinak. “The Idle No More movement has the people – it has the people and the numbers – that can bring the Canadian economy to its knees. It can stop Prime Minister Stephen Harper’s resource development plan,” Nepinak told reporters in Ottawa.

“We have the warriors that are standing up now, that are willing to go that far. So we’re not here to make requests, we’re here to demand attention,” he said.

Aboriginal bands are unhappy about Enbridge Inc’s plans to build a pipeline from the oil sands of Alberta to the Pacific province of British Columbia, and some say they will not allow the project to go ahead.

Some aboriginal bands oppose the Enbridge pipeline on the grounds that it is too environmentally dangerous while others say the company did not do enough to consult them before applying for permission to go ahead with the project.

“DIPLOMATIC HAND”

Nepinak said he wants to extend a “diplomatic hand” toward resolving the issues and gave no details about what he meant by bringing the economy to its knees.

Nepinak and other Manitoba chiefs are also demanding that Ottawa rescind parts of two recent budget acts they say reduce environmental protection for lakes and rivers, and make it easier to sell lands on the reserves where many natives live.

“We’ve been working tirelessly to gain access through various channels into this Harper regime … . How do we trust the words of this prime minister?” Nepinak asked.

Successive Canadian governments have struggled for decades to improve the life of aboriginals.

Ottawa spends around C$ 11 billion ($ 11.1 billion) a year on its aboriginal population, yet living conditions for many are poor, particularly for those on reserves with high rates of poverty, addiction, joblessness and suicide.

As part of the Idle No More campaign, protesters blocked a Canadian National Railway Co line in Sarnia, Ontario, in late December and early January.

($ 1=$ 0.99 Canadian)

(Reporting by David Ljunggren; Editing by Peter Galloway, Xavier Briand and David Brunnstrom)

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Browns hire Rob Chudzinski as new coach

CLEVELAND (AP) — Rob Chudzinski's first head coaching job will be with the team he loved as a kid.

Chudzinski, who spent the past two seasons as Carolina's offensive coordinator, has been hired by the Browns as their sixth full-time coach since 1999. It's the third stint in Cleveland for Chudzinski, who worked with the Browns previously as an assistant.

The Browns hope the first-time head coach can end years of despair and constant losing, and maybe resurrect a franchise that has made just one trip to the playoffs in the past 14 years.

The team confirmed Chudzinski's hiring with a release Thursday night and said he will be introduced at an 11 a.m. news conference at the team's facility in Berea on Friday.

Chudzinski will be the Browns' 14th coach in team history. He replaces Pat Shurmur, another first-time coach when he was hired, who was fired on Dec. 31 after a 5-11 season. For the past two years, the 44-year-old Chudzinski has worked with talented Panthers quarterback Cam Newton.

When owner Jimmy Haslam embarked on his coaching search last week, he pledged to bring back the "best person for Cleveland."

After meeting with at least seven other candidates, Haslam, who bought the Browns this summer, decided along with CEO Joe Banner that Chudzinski, was ready.

Known simply as "Chud," Chudzinski coached tight ends in Cleveland for Butch Davis in 2004, and then came back to the Browns in 2007 and was offensive coordinator for two seasons under Romeo Crennel.

Chudzinski, who was never embarrassed to acknowledge he rooted for the Browns while growing up in Toledo, Ohio, interviewed with the team on Wednesday. He was viewed by many as a longshot for the job, not because he wasn't qualified, but Haslam figured to make a big splash with his first coaching hire.

However, Chudzinski wowed Haslam and Banner during his meeting and the team decided it was time to end their search after nearly 10 days.

It's not yet known whom Chudzinski will bring in as his coordinators. There are reports he may hire former San Diego coach Norv Turner to run his offense.

In his first season in Carolina, Chudzinski turned Newton, the No. 1 overall draft pick, loose and the Panthers set club records for total yards (6,237) and first downs (345). Carolina also scored 48 touchdowns after getting just 17 in the season before Chudzinski arrived. The Panthers jumped from last in the league in total yardage to seventh, the biggest improvement since 1999.

Following the season, Chudzinski interviewed for head coaching jobs with St. Louis, Jacksonville and Tampa Bay before returning to Carolina.

Newton continued to develop in his second season with Chudzinski. The Browns could be counting on him to improve Brandon Weeden after his uneven rookie season.

After his first stint on Cleveland's staff, Chudzinski spent two seasons as San Diego's tight ends coach, working with perennial Pro Bowl standout Antonio Gates.

Taking over the Browns offense in 2007, Chudzinski helped the Browns win 10 games — the most since their expansion rebirth in 1999 — and had four players make the Pro Bowl.

However, in 2008, the Browns struggled on offense and a six-game losing streak led to a 4-12 finish and Crennel's firing. The Browns finished 31st in offense that year.

Chudzinski went back to the Chargers for two more seasons before he was hired in Carolina.

On Thursday, former Arizona coach Ken Whisenhunt was brought to Cleveland for a second interview and he appeared to be the frontrunner. The Browns were also expected to meet again with Cincinnati defensive coordinator Mike Zimmer and interview Indianapolis offensive coordinator Bruce Arians.

But in the end, the Browns decided to go with Chudzinski, who has no head coaching experience but is regarded as one of the league's brightest up-and-coming coaches.

The hiring won't cause Cleveland fans to dance in the streets, but it is in keeping with Banner's past of hiring a coach without a meaty resume.

When he was in Philadelphia's front office, Banner went outside the box and hired relatively unknown Andy Reid, who spent 14 seasons with the Eagles before he was fired after this season.

The Browns can only hope it goes as well with Chudzinski.

___

Online: http://pro32.ap.org/poll and http://twitter.com/AP_NFL

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Parental Consent Rule May Proceed for a Circumcision Ritual, a Judge Says

New York City health officials may proceed temporarily with a plan to require parental consent before an infant may undergo a particular Jewish circumcision ritual, a federal judge ruled Thursday.

City officials say 12 cases of herpes simplex virus have likely resulted from the procedure, known as metzitzah b’peh, since 2000, including one Brooklyn case reported this week. Two infants died, and two suffered permanent brain damage. Most Jews no longer practice metzitzah b’peh, in which the circumciser uses his mouth to suck blood from the wound, but it remains common among some ultra-Orthodox communities.

Citing the risk of infection, health officials in September introduced a regulation that would require parents to provide written consent stating that they were aware of the health risks.

But the Central Rabbinical Congress of the United States and Canada, Agudath Israel of America, and the International Bris Association sued in October to stop the rule from taking effect, calling it an infringement of their constitutional rights. They also denied the procedure posed a risk and asked a federal court to put the rule on hold while the litigation proceeded.

In denying the request for a preliminary injunction, Judge Naomi Reice Buchwald of the United States District Court for the Southern District wrote that the risks were clear.

“In light of the quality of the evidence presented in support of the regulation, we conclude that a continued injunction against enforcement of the regulation would not serve the public interest,” she wrote.

City lawyers said they were gratified by the ruling, but Andrew Moesel, a spokesman for the plaintiffs, said the groups would appeal. “We continue to believe that this case is a wrongful and unnecessary intrusion into the rights of freedom of religion and speech,” he said.

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Japan Approves $116 Billion in Emergency Economic Stimulus

TOKYO — The Japanese government approved emergency stimulus spending of more than $100 billion on Friday, part of an aggressive push by Prime Minister Shinzo Abe to kick-start growth in Japan’s long-moribund economy.

Mr. Abe also reiterated pressure on Japan’s central bank to make a firmer commitment to stopping deflation by pumping more money into the economy — a measure the prime minister says is crucial to getting businesses to invest and consumers to spend.

“We will put an end to this shrinking, and aim to build a stronger economy where earnings and incomes can grow,” Mr. Abe told a televised news conference. “For that, the government must first take the initiative to create demand, and boost the entire economy.”

Under the plan, the Japanese government will spend about 10.3 trillion yen (about $116 billion) on public works and disaster mitigation projects, subsidies for companies that invest in new technology and financial aid to small businesses.

The government will seek to raise real economic growth by 2 percentage points and add 600,000 jobs to the economy, Mr. Abe said. The measures announced Friday amount to one of the largest spending plans in Japan’s history, he stressed.

By simply talking about stimulus measures, Mr. Abe, who took office late last month, has already driven down the value of the yen, much to the relief of Japanese exporters whose competitiveness benefits from a weaker currency.

But the government’s promises to spend its way out of economic stagnation also raise concerns over Japan’s public debt, which has already mushroomed to twice the size of its economy and is the largest in the industrialized world.

At the root of Japan’s debt woes was a similar attempt in the 1990s by Mr. Abe’s own Liberal Democratic Party to stimulate economic growth through government spending on extensive public works projects across the country.

Mr. Abe said, however, that the spending this time around would be better focused to bring about growth through investment in innovation. He said the government would also invest in measures that would help mitigate the fall in Japan’s population, by encouraging families to have more children.

“To grow in a sustainable way, we must help create a virtuous cycle where companies actively borrow and invest, and in so doing raise employment and incomes,” Mr. Abe said.

“For that, it is extremely important that we adopt a growth strategy that gives everyone solid hope that the future of the Japanese economy lies in growth.”

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Censored Newspaper in China Returns to Publication Amid Struggles

GUANGZHOU, China — Propaganda officials in the southern province of Guangdong have agreed to loosen some controls over an embattled newspaper whose struggle against censorship has galvanized free-speech advocates across China, according to journalists at the newspaper. But the paper’s weekly Thursday edition went to press late partly because of internal disputes over content, one senior editor said.

The agreement, reached late Tuesday, was part of a compromise in which reporters and editors who had said they would strike continued to work to put out the newspaper, Southern Weekend, also known as Southern Weekly. It is an iconic liberal publication that has regularly challenged Communist Party officials and policies but has come under tighter control in recent years, particularly since the summer.

The publication delay on Thursday was due in part to a disagreement between the newspaper’s leadership and employees over whether to publish an editorial defending the newspaper and letters of support from readers, the senior editor said. The leadership chose not to publish the editorial or the letters in an effort to calm the crisis, he said.

In Beijing, talk of another newsroom in crisis emerged on Wednesday as reporters at Beijing News, a newspaper co-founded by the parent company of Southern Weekend, said propaganda officials forced the newspaper, against the judgment of its publisher and top editors, to run an editorial attacking Southern Weekend. Some journalists broke down in tears in the newsroom, according to various accounts, and the publisher, Dai Zigeng, threatened to resign, but was still in his job Wednesday night.

The deal in Guangzhou, the provincial capital, appeared to bring a tentative peace to a newsroom in turmoil, though journalists said they would have to see whether provincial officials followed through on their promises.

The journalists appeared to back down from their demands that the top provincial propaganda official, Tuo Zhen, leave his post. Newspaper employees have accused Mr. Tuo of putting in place much stricter censorship rules since he began his job in May; in particular, they said, he had a hand in the rewriting of a New Year’s editorial that was supposed to have been a call for enforcement of constitutional rights but that ended up being more of a paean to the current system. It is unclear what role Mr. Tuo played in the changes, which ignited the call last weekend among some journalists to carry out a strike.

Journalists at Southern Weekend said that under rules imposed by Mr. Tuo, propaganda officials regularly reviewed the content of the paper before it went to print and vetted reporting topics proposed by journalists. Those rules are supposed to be abolished under the new agreement.

Zeng Li, a veteran journalist who reviews articles in-house at Southern Weekend to guard against riling the censors, said, “Now things are calming down.”

“To publish a good paper is the hope of both the leaders and the staff,” he added.

Hu Chunhua, the new party chief of Guangdong, China’s most liberal province, helped mediate the settlement, journalists said. The clash over censorship is the first big test for Mr. Hu, 49, who is considered one of the party’s rising stars and a candidate to be the leader of China in a decade.

The battle at Southern Weekend also poses a challenge for the central authorities. Xi Jinping, the new party chief, made a trip to Guangdong late last year to stress the need to open the economy further. Analysts have wondered whether he will also call for greater political freedoms. Mr. Xi has made remarks, though, that underscore the need for China to remain true to its socialist roots.

Central propaganda officials appear to have taken a tough line on the censorship issue by demanding this week that the biggest news Web sites and some important publications print an editorial criticizing Southern Weekend that was originally published by Global Times, a populist newspaper, and widely derided by Chinese journalists. Beijing News ran a truncated version.

One journalist described the scene in the Beijing News office in a blog post: “Some people look sad; some burst into tears; some shout that they are going to quit.”

The post continued: “We don’t want to kneel down, but our knees have been shattered. We are kneeling down this one time while gnashing our teeth.”

Edward Wong reported from Guangzhou, and Jonathan Ansfield from Beijing. Mia Li contributed research from Guangzhou, and Shi Da from Beijing.

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Facebook to hold press event, stock passes $30

NEW YORK (AP) — Shares of Facebook are pushing above $ 30 for the first time since July after it sent out invitations to “come and see what we’re building” Tuesday at its headquarters in Menlo Park, Calif.

The company will say nothing more about the event. Speculation Wednesday ranged from a Facebook phone, something the company has consistently denied exists, to new search capabilities that would put it into direct competition with Google Inc.

The company emailed invitations to reporters and bloggers Tuesday and by Wednesday, shares passed the $ 30 mark for the first time since July.

Though still below its initial public offering price of $ 38, shares of Facebook Inc. have risen steadily since November as investors grow more confident that the social media site can make money through its growing mobile audience.

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Supreme Court Weighs Drunken-Driving Blood Tests

WASHINGTON — Prosecutors in Missouri, supported by the federal government, came to the Supreme Court on Wednesday with a big request: They wanted the justices to rule that the police do not need warrants to obtain blood samples in drunken-driving investigations.

There seemed little enthusiasm among the justices for that categorical approach. Instead, the argument turned into a search for a middle ground that would take account of the practical realities of roadside stops, body chemistry and the administration of justice in the digital age.

On the one hand, the natural dissipation of blood alcohol means that time is of the essence when people suspected of drunken driving are pulled over and refuse to consent to a breath test. Obtaining a warrant, moreover, takes time.

On the other hand, several justices expressed discomfort with what Chief Justice John G. Roberts Jr. called the “pretty scary image” of government-sanctioned bodily intrusions involving sharp needles.

The case arose from the arrest of Tyler G. McNeely, who was pulled over for speeding on a Missouri highway and exhibited, the State Supreme Court said, “the telltale signs of intoxication — bloodshot eyes, slurred speech and the smell of alcohol on his breath.” He performed poorly on a field sobriety test and was arrested.

Mr. McNeely refused to take a breath test or, after being taken to a hospital, to consent to a blood test. One was performed anyway, about 25 minutes after he was pulled over, and it showed a blood alcohol level of 0.15 percent, almost twice the legal limit.

The state court suppressed the evidence, saying there had been no “exigent circumstances” that excused the failure to obtain a warrant. “Warrantless intrusions of the body are not to be undertaken lightly,” the court said in an unsigned opinion.

In 1966, in Schmerber v. California, the United States Supreme Court said no warrant was required to take blood without the driver’s consent after an accident in which the driver and a passenger were injured. The fact that alcohol levels diminish over time figured in the court’s analysis, as did the time it took to investigate the scene of the accident and move the injured people to the hospital.

The question in the case heard Wednesday, Missouri v. McNeely, No. 11-1425, was whether the dissipation of blood alcohol by itself justifies taking blood without a warrant when there are no additional factors complicating matters.

Much of the argument concerned how long obtaining a warrant actually takes these days and whether the Supreme Court should encourage streamlined procedures. In some places, the justices were told, warrants can be obtained by phone in as little as 15 or 20 minutes; in others, the process can take two hours or longer.

Nicole A. Saharsky, a lawyer for the federal government, said the day might come when warrants could be obtained so quickly that courts should perhaps require them. “If the world changed,” she told the justices, “so that every police officer had an iPad and that judges were always on duty and that the warrants could be gotten that quickly, you would consider that.” But she said that was not the reality in most of the country today.

That concession, Justice Antonin Scalia said, supported a case-by-case approach. “If it would have taken too long, then it’s O.K. without a warrant,” he said. “If it wouldn’t have taken that long, it’s bad.”

Later, though, Justice Scalia asked Steven R. Shapiro of the American Civil Liberties Union, which represents Mr. McNeely, whether warrants played an important role in stopping unreasonable searches if they were quickly and routinely available.

Mr. Shapiro responded that “the privacy safeguards of the Fourth Amendment benefit by having a neutral and detached magistrate review the evidence before the state does something as intrusive as putting a needle in somebody’s arm.”

The justices also explored other ways of obtaining the required evidence.

“Breathalyzers in my mind have a much different intrusion level,” Justice Sonia Sotomayor said. “They don’t intrude into your body.”

But John N. Koester Jr., a lawyer for Missouri, explained that “it’s very difficult for practical reasons to force someone to blow into the Breathalyzer.”

“You have to take a very deep breath,” he said. “And one police officer told me it’s sort of like you can put a balloon in front of somebody’s mouth, but you can’t make him blow it up.”

Justice Scalia later proposed a second idea: that drivers “in a paddy wagon and on the way to the hospital” could be told a warrant had been requested and that, one way or the other, blood would be drawn unless they agreed to a breath test.

Ms. Saharsky said such drivers might nonetheless “take their chances that the evidence is going to dissipate.”

Justice Elena Kagan said it was also possible that the drivers would not make rational calculations.

“Maybe they’re drunk,” she said.

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Obama’s Pick for Treasury Is Said to Be His Chief of Staff

WASHINGTON — With his choice of Jacob J. Lew to be the secretary of Treasury, President Obama on Thursday will complete the transformation of his economic team from the big-name economists and financial firefighters hired four years ago to budget negotiators ready for the next fiscal fights in Congress.

If confirmed by the Senate, the 57-year-old Mr. Lew — Mr. Obama’s current chief of staff and former budget director — would become the president’s second Treasury secretary, succeeding Timothy F. Geithner, who was the last remaining principal from the original economic team that took office at the height of the global crisis in January 2009.

While the team is changing, so far it is made up entirely of men who have been part of the administration since its first months. Gene B. Sperling, like Mr. Lew a veteran of the Clinton administration, is expected to remain as director of the White House National Economic Council. Alan B. Krueger, a former Treasury economist, continues as chairman of the Council of Economic Advisers and Jeffrey D. Zients, a former business executive, as acting director of the Office of Management and Budget.

That composition gives Mr. Obama a high degree of comfort with his economic advisers, who have experience in the budget struggles that have occupied the administration since Republicans took control of the House two years ago. Those struggles will resume later this month. Yet the continuity also plays into criticism that the president is too insular and insufficiently open to outside voices and fresh eyes in the White House.

Adding to a scarcity of female advisers among Mr. Obama’s top aides, Hilda L. Solis, the secretary of labor for four years, announced on Wednesday that she would be resigning, following the most prominent female Cabinet member, Secretary of State Hillary Rodham Clinton, out of the administration.

Separately, administration officials let it be known on Wednesday that several Cabinet members will remain in their jobs: Kathleen Sebelius, the secretary of health and human services, who is expected to stay through the full adoption of the 2010 health care law in 2014; Eric H. Holder Jr., the attorney general; and Eric K. Shinseki, the secretary of veterans affairs.

If Mr. Lew is confirmed in time, his first test as Treasury secretary could come as soon as next month, when the administration and Congressional Republicans are expected to face off over increasing the nation’s debt ceiling, which is the legal limit on the amount that the government can borrow. Mr. Obama has said he will not negotiate over raising that limit, which was often lifted routinely in the past, but Republican leaders have said they will refuse to support an increase unless he agrees to an equal amount of spending cuts, particularly to entitlement programs like Medicare and Social Security.

Mr. Lew was passed over for Mr. Obama’s economic team four years ago, when Mr. Obama instead chose Lawrence H. Summers, a former Harvard University president and Treasury secretary, as director of the National Economic Council. Mrs. Clinton then hired Mr. Lew at the State Department, and in late 2010 — over the objections of Mrs. Clinton, who had come to rely on Mr. Lew — Mr. Obama made him budget director, the same post Mr. Lew had held late in the Clinton administration.

Mr. Lew in the 1980s was a Democratic adviser to the House speaker then, Thomas P. O’Neill, participating in fiscal talks with the Reagan administration. Mr. Lew is known for his low-key style and organizational skills.

While Mr. Lew has much less experience than Mr. Geithner in international economics and financial markets, he would come to the job with far more expertise in fiscal policy than Mr. Geithner did. That shift in skills reflects the changed times, when emphasis has shifted from a global financial crisis to the budget fights with Republicans in Congress.

The partisan tension suggests that Mr. Lew will be questioned closely by Senate Republicans in confirmation hearings.

But, Republicans have not signaled the kind of opposition they put up to some of Mr. Obama’s other potential nominations.

Mr. Lew’s departure as chief of staff would create a vacancy for what would be Mr. Obama’s fifth White House chief of staff, a turnover rate that is in contrast with the stability atop Treasury the last four years with Mr. Geithner. The leading candidates are said to be Denis McDonough, currently the deputy national security adviser in the White House, and Ronald A. Klain, a former chief of staff to two vice presidents, Joseph R. Biden Jr. and Al Gore.

Before joining the Obama administration, Mr. Lew spent a brief period in the financial sector, at Citigroup, first as managing director of Citi Global Wealth Management and then as chief operating officer of Citigroup Alternative Investments.

By contrast, Mr. Geithner had been president of the New York Federal Reserve Bank, which includes overseeing Wall Street. For the financial industry, Mr. Lew is a largely a blank slate.

“While he can undoubtedly learn the material on the job, we question whether he has sufficient relationships with the banking industry in the U.S. and abroad, which can be critical during a financial crisis,” Brian Gardner, head of Washington research for the investment banking firm Keefe, Bruyette & Woods, wrote to clients on Wednesday.

But Michael Schein, who worked with Mr. Lew at Citigroup and is now head of a nonprofit financial services organization, Accion, countered: “People in the business community like to deal with people in Washington who they can trust. I think Jack already does, and will do, very well with Wall Street and with business leaders because he is a very, very straight shooter.”

Mr. Lew has a reputation as a fiscal progressive who, like Mr. Obama, is eager to protect Medicaid and other antipoverty programs from deep cuts. But advocates for tighter financial regulation of Wall Street question whether he is too conservative.

The question is relevant because major regulations under the 2010 Dodd-Frank law remain to be put into effect in Mr. Obama’s second term.

“He appears to share a Wall Street mentality, particularly when it comes to financial reform,” said Dennis M. Kelleher, the president of Better Markets, a Washington-based nonprofit. “Financial reform is all about making the banking system safer and preventing more taxpayer bailouts.”  

Annie Lowrey contributed reporting.

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