US EditionFed to Shrink Staff By About 10% Over Next Several Years
- The Federal Reserve revealed in a memo dated January 30, 2024, that it intends to decrease its staff by approximately 10% over the coming years at its Washington, DC headquarters.
- Chair Jerome Powell stated the reduction aims to right-size staff through deferred resignations and attrition while modernizing operations and consolidating functions.
- The Fed employs nearly 24,000 people, with about 3,000 in Washington and 21,000 across regional banks, targeting roughly 2,000 job cuts mainly via voluntary retirement programs.
- Powell highlighted that regular evaluations of staffing help the Fed stay aligned with its legal responsibilities and operate efficiently, describing the workforce reduction as a standard organizational practice.
- The workforce cut aligns with broader government cost-cutting pressures but maintains the Fed's operational independence, and its effectiveness will be closely observed amid economic challenges.
35 Articles
35 Articles
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.
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 …
U.S.: The Fed Plans to Cut Its Workforce by "About 10%" in the Coming Years
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.
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