President Bush stands by embattled World Bank President Paul Wolfowitz despite speculation that he won't keep his job amid an investigation over an improper promotion to his girlfriend.

"(Wolfowitz has) done a remarkable job at the World Bank, where they are working to lift people up out of poverty from around the world," said White House spokeswoman Dana Perino on Friday.

Bush supports Wolfowitz and believes he will keep his job, Perino said.

"He’s apologized for the matter and his board is undergoing an internal review and we expect him to remain as World Bank president," Perino said.

Wolfowitz, 63, is facing the biggest crisis of his career: a scandal involving promotions and pay hikes to his girlfriend that threatens his control of the world’s largest and most influential anti-poverty institution, which doles out some $20 billion annually in loans and grants to developing countries.

• Click here to read about Wolfowitz's World Bank scandal.

On Thursday, Wolfowitz apologized at a Washington, D.C., press briefing for mishandling the promotion for bank staffer Shaha Riza, saying he made a "mistake for which I am sorry."

Wolfowitz became 10th president of the World Bank in March 2005. He served as Bush's deputy Secretary of Defense from 2001 to 2005.