Fed to Shrink Staff By About 10% Over Next Several Years

Jerome Powell announces US Fed’s plan to reduce workforce by nearly 2,400 employees

WASHINGTON, May 17 — US Federal Reserve Chair Jerome Powell told staff yesterday that the bank plans to cut its workforce by around 10 per cent in “the next couple of years,” according to a memo seen by AFP. The bank’s announcement follows US President Donald Trump’s attempt to dramatically reduce headcount in the federal government, a move that has been spearheaded by the Elon Musk-run Department of Government Efficiency. “The Fed is absurdly o…

Fed boss Jerome Powell plans to cut central bank staff by 10% in nod to Elon Musk’s DOGE

The Federal Reserve plans to shrink its workforce by about 10% over the coming years, bringing the central bank in line with President Trump's broader efforts to streamline the federal government, according to a memo that Fed Chairman Jerome Powell sent to staff on Friday.

As a savings officer of the US government, tech billionaire Elon Musk says that too many people would work at the Fed. Apparently, head of the central bank, Jerome Powell, now shares this view. In a message to the employees, he announces the reduction of jobs.

The US central bank employed 23,950 people throughout the United States in 2023, according to its latest annual report.

Federal Reserve to cut its workforce by 10% in coming years

The Federal Reserve is planning to reduce the workforce at the central bank by 10% over the next few years, according to a memo reviewed by FOX Business.Fed Chair Jerome Powell sent a memo on Friday morning to central bank employees to inform them of the plans, saying that "experience here and elsewhere shows that it is healthy for any organization to periodically take a fresh look at its staffing and resources."Powell said the Fed will work to …

The U.S. Federal Reserve (Fed) will cut its workforce by "about 10%" in the coming years, announced on Friday its president in an internal mail, while the institution has been criticized at the top of the state for both its size and its decisions.