Fed Chair to Cut 10% of Workforce in 2-3 Years as Restructuring Plan

The Fed chairman revealed plans to cut 10% of its workforce over the next 2-3 years to improve efficiency and align with the government's restructuring policy under a voluntary advance leave approach, and confirmed that there are no plans to force layoffs.

Jerome Powell, Chairman of the US Federal Reserve (Fed) The Fed plans to cut about 10% of its roughly 24,000 employees nationwide over the next two to three years to improve efficiency and align with President Donald Trump's plan to restructure the federal government, an internal memo revealed.

One approach the Fed is preparing to implement is a voluntary early retirement program for employees in Washington, D.C., who are due to retire in late 2570. The Fed has no plans to force layoffs.

Powell specify that A review of staffing and resources is essential to the health of the organization, and the Fed has done something like this before in the 1990s under President Bill Clinton, while Powell believes it is time for the Fed to do so again, with deliberate and thoughtfulness.

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