The U.S. Federal Reserve plans to reduce its workforce by about 10%, which equals approximately 2,500 jobs. This will happen gradually over the next several years. The purpose is to streamline operations, modernize business processes, and ensure that staffing matches current needs. This cut will affect both the Federal Reserve Board and the 12 regional banks.

According to its reports, the Fed had around 23,950 employees in 2023, which grew to roughly 24,553 in 2024. The planned reduction will bring staffing levels back down to approximately 22,000.

Fed Chair Jerome Powell emphasized that the aim is efficiency and better alignment with the Fed's mission—not simply budget cuts.

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