Market News: The Federal Reserve to Cut Workforce by Approximately 10% in the Coming Years
On May 17, according to market news, Federal Reserve Chairman Powell informed employees via a memorandum on Friday local time that the institution plans to reduce its workforce by about 10% over the next few years, primarily through natural attrition.
According to informed sources, the layoff plan will include offering delayed departure packages to some employees, applicable to eligible employees of the Federal Reserve Board and the 12 regional Federal Reserve Banks.
In the memorandum, Powell stated: "I have asked the leadership at all levels of the Federal Reserve System to gradually advance functional integration, modernize business practices, and ensure we maintain an appropriate size to fulfill our statutory mission." "In the coming years, our overall staffing level will be about 10% lower than it is now."
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