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Federal Reserve Plans 10% Workforce Cut, Affects 2,400 Employees

5/17/2025

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Summary

Story summary

The Federal Reserve aims to cut its workforce by 10%, impacting approximately 2,400 employees.
Chair Jerome Powell introduced a voluntary resignation program for eligible senior staff.
Workforce reductions will affect all branches of the Federal Reserve System.
Powell highlighted the necessity for modernization and function consolidation to fulfill the Fed's mission.
Post-cuts, the Fed's employee count will drop below 22,000 from nearly 24,000.

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Story summary

The Federal Reserve aims to cut its workforce by 10%, impacting approximately 2,400 employees.
Chair Jerome Powell introduced a voluntary resignation program for eligible senior staff.
Workforce reductions will affect all branches of the Federal Reserve System.
Powell highlighted the necessity for modernization and function consolidation to fulfill the Fed's mission.
Post-cuts, the Fed's employee count will drop below 22,000 from nearly 24,000.