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

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.

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.