US Federal Reserve to cut workforce by 10% over next few years

Federal Reserve Chair Jerome Powell announced a planned 10% workforce reduction over the next few years, impacting roughly 2,400 positions nationwide. This initiative aligns with a broader federal effort to scale back government staffing, with leadership directed to consolidate functions and modernize practices. A voluntary deferred resignation program will be offered to eligible staff. Federal Reserve Chair Jerome Powell announced a planned 10% workforce reduction over the next few years, impacting roughly 2,400 positions nationwide. This initiative aligns with a broader federal effort to scale back government staffing, with leadership directed to consolidate functions and modernize practices. A voluntary deferred resignation program will be offered to eligible staff.