🟥 Urgent | On Friday, U.S. Federal Reserve Chairman Jerome Powell announced plans to reduce the workforce at the bank by about 10% over the next two years, according to Agence France-Presse.
♦️ Powell stated in a memo to employees: "Experience here and elsewhere suggests that it is healthy for any organization to periodically reassess its staff and resources," adding that the plans will include a voluntary deferred resignation program.
♦️ The Federal Reserve employed 23,950 staff across the country in 2023, according to the latest annual report from the regulatory body.
♦️ A 10% reduction in staff will result in the termination of just under 2,400 employees.