Federal reserve to cut staff by 10% | Business

The Federal Reserve Board plans to reduce its workforce by 10%, potentially eliminating more than 2,000 positions over the coming years.

According to its own 2023 annual report, the Federal reserve had over 24,000 employees.

The purge is expected to take place over the next several years, Fed Chair Jerome Powell said in a memo obtained by CNBC.

“Experience here and elsewhere shows that it is healthy for any organization to periodically take a fresh look at its staffing and resources. The Fed has done that from time to time as our work, priorities, or external environment have changed,” Powell said in the memo.

Powell also noted that staffing levels at the Board have grown by about 1% annually over the past decade.