The chairman of the US Federal Reserve (Fed), Jerome Powell, recently indicated that the organization plans to cut its workforce by 10 % by 2027.

The information was released in a memo cited last Friday by CNBC, which stated: “Experience, both here and elsewhere, shows that it is healthy for any organization to periodically review its staff and resources. The Federal Reserve has done so occasionally as our work, our priorities, or the external environment have changed.”

The Fed currently has a workforce of 24,000 employees; According to Powell’s announcement, 2,400 employees would be cut through 2027.

According to the note, the Fed chairman instructed that “gradual ways be found to consolidate functions where appropriate, modernize some business practices, and ensure they are adequately sized and can fulfill their statutory mission.”

Voluntary resignation programs, designed to give federal government employees “paid leave before leaving office or retiring,” could be used. These leaves are valid for three months.

M.Pino

Source: swissinfo

(Reference image source: Romain Dancre on Unsplash)

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