US Federal Reserve to cut workforce by 10% over next few years

Quick Summary:

This initiative aligns with a broader federal effort to scale back government staffing, with leadership directed to consolidate functions and modernize practices.

Federal Reserve Chair Jerome Powell announced a planned 10% workforce reduction over the next few years, impacting roughly 2,400 positions nationwide.

A voluntary deferred resignation program will be offered to eligible staff.

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Article Details

Author / Journalist: TOI Business Desk

Category: EconomyBusiness

Markets: IndiaAzerbaijanGermanyPakistanTurkey

Topics: Elon Musk Department of Government Efficiency Jerome Powell announcement Federal Reserve workforce reduction Government efficiency initiative Voluntary deferred resignation program 10 percent staffing cut Fed staffing levels Federal Reserve Donald Trump Elon Musk

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-05-17 @ 17:19:15 (5 hours ago)

News Timezone: GMT +5:00

News Source URL: timesofindia.indiatimes.com

Language: English

Article Length: 710 words

Reading Time: 4 minutes read

Sentences: 21 lines

Sentence Length: 34 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Times of India

News ID: 28761340

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About Times of India

Main Topics: EconomyBusiness

Official Website: timesofindia.indiatimes.com

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Year Established: 1838

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News Last Updated: 1 hours ago

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Publisher ID: #28

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