Donald Trump has confirmed he will step away from his business interests to avoid a conflict of interest when he becomes US President.
In a series of tweets, the President-elect said he would be leaving his "great business in total" to focus on his presidency.
He will formally make the announcement at a press conference with his children on 15 December.
He said "legal documents" were "being crafted" to take him "completely out of business operations", adding that the presidency was "a far more important task".
Mr Trump will be inaugurated President on 20 January next year.
He has also announced further details of his Cabinet, appointing a former Goldman Sachs banker and a billionaire investor to steer economic policy in his administration.
Steven Mnuchin is the nominee for treasury secretary, putting a Wall Street veteran in the top US economic Cabinet post.
The Hollywood financier, who spent 17 years at Goldman Sachs before leaving in 2002 to launch a hedge fund, served as Mr Trump's campaign finance chairman.
Billionaire investor Wilbur Ross, known for his investments in distressed industries, has been named as US commerce secretary.
Mr Ross led a group of five investors that acquired a 35% stake in Bank of Ireland in 2011 for €1.1bn, saving the bank from nationalisation as the government took control of the rest of the country's main lenders.
He sold his shareholding in Bank of Ireland in 2014.
Meanwhile, outgoing CIA Director John Brennan has said it would be the "height of folly" for US President-elect Donald Trump to tear up Washington's deal with Tehran.
He said such a move would make it more likely that Iran and others would acquire nuclear weapons.
"It could lead to a weapons programme inside of Iran that could lead other states in the region to embark on their own programmes," Mr Brennan said in an interview with the BBC aired today.
"So I think it would be the height of folly if the next administration were to tear up that agreement."
Mr Brennan also said that in dealing with the Syrian crisis, Mr Trump should be cautious in trying to work with Russia.
"I hope there is going to be an improvement in relations between Washington and Moscow," he said.
"President-elect Trump and the new administration need to be wary of Russian promises.
"Russian promises in my mind have not given us what it is that they have pledged."
Elsewhere, local officials in Wisconsin will decide for themselves how to carry out a presidential election recount after a state judge rejected a lawsuit by former Green Party candidate Jill Stein to have the ballots counted by hand.
A recount of Wisconsin's 25 million votes is set to begin tomorrow, after Ms Stein's campaign requested the audit and paid the state's $3.5 million filing fee, state election officials say.
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