Market News: The Federal Reserve to Cut Staff by About 10% Over the Next Few Years

BlockBeats News, May 17th. According to market sources, Federal Reserve Chairman Powell reportedly informed employees on Friday local time through a memo that the institution plans to reduce its workforce by about 10% primarily through natural attrition over the next few years.

According to sources familiar with the matter, the downsizing plan will include offering some employees a voluntary early retirement package, applicable to eligible employees of the Federal Reserve Board and the 12 regional Fed banks.

In the memo, Powell stated: "I have asked Federal Reserve System leadership at all levels to advance functional integration, modernize business practices, and ensure that we remain appropriately sized to fulfill our statutory mission." "Over the next several years, our overall staffing levels will decrease by around 10%." (FXStreet)