The Federal Reserve plans to cut 10% of its workforce in the coming years

According to foreign media reports, Federal Reserve Chairman Powell informed employees via a memo on Friday local time that the institution plans to reduce its workforce by about 10% over the next few years, primarily through natural attrition. According to informed sources, the layoff plan will include offering delayed departure options to some employees, applicable to eligible employees of the Federal Reserve Board and the 12 regional Federal Reserve Banks. Powell stated in the memo: "I have asked the leadership at all levels of the Federal Reserve System to gradually advance functional integration, modernize business practices, and ensure we maintain an appropriate size to fulfill our statutory mission." "In the coming years, our overall staffing levels will be about 10% lower than they are now."