Informed sources: The Federal Reserve plans to cut 10% of its workforce in the next few years.
2025-05-16 16:38:55
On May 17, according to foreign media reports, Federal Reserve Chairperson Jerome Powell informed employees in a memo on Friday that the agency plans to reduce its workforce by about 10% in the next few years, mainly through natural attrition. According to people familiar with the matter, the layoffs plan will include providing delayed departure packages to some employees, covering eligible employees of the Federal Reserve Board and 12 regional Federal Reserve banks. "I have asked leadership at all levels of the Federal Reserve system to gradually advance functional integration, modernize business practices, and ensure that we maintain the appropriate size to fulfill our statutory mandate," Powell said in the memo. "Over the next few years, our overall staffing level will be about 10% lower than it is now."
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