US Federal Reserve Chair Michelle Bowman plans to reduce staff in the bank-supervision unit by 30%, as revealed in an email to employees on Thursday.
Bowman, who serves as the Vice Chair for Supervision, will implement these reductions through attrition, retirements, and voluntary separation incentives, aiming to reorganize the agency’s supervision and regulatory units, according to a report by Reuters.
Earlier this year, the Federal Reserve announced plans to cut 10% of its workforce, aligning with President Donald Trump’s initiative to streamline the federal government.
In 2024, Federal Reserve Chairman Jerome Powell indicated he would not resign amid Trump’s criticisms of the agency. Powell, who was appointed by Trump in 2017, has a term that runs until 2026.