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 AFP.$XRP

♦️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.$BNB

♦️A 10% reduction in staff would result in the layoff of just under 2,400 employees.

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