Fed to Shrink Staff By About 10% Over Next Several Years
- The Federal Reserve aims to reduce its staff by around 10% over the next couple of years, according to a memo from Chair Jerome Powell.
- The planned staff reduction of around 2,000 employees will be achieved in part through offering deferred resignations to some eligible employees.
- The Fed's planned staff cuts come as the Trump administration has pushed for reductions across federal agencies through the Department of Government Efficiency, despite the central bank's independence.
46 Articles
46 Articles
According to Fed president Jerome Powell cuts will be a way to “fulfill our statutory mission”
US Federal Reserve eyes workforce cut of 10%
WASHINGTON, United States — US Federal Reserve Chair Jerome Powell told staff on Friday that the bank plans to cut its workforce by around 10 percent 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.
The U.S. Federal Reserve (Fed) will cut its workforce by about 10% over the next few years, primarily through non-renewal of remaining positions and a deferred redundancy program.
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AlKhaleej TodayJerome 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.
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