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Federal Reserve Cuts 300 Jobs in First Staff Reductions Since 2010

  • The U.S. Federal Reserve is cutting about 300 jobs this year, reducing staff for the first time since 2010.

  • The cuts are focused on IT and payment processing roles, especially at the 12 regional reserve banks.

  • Staffing cuts result from a combination of attrition and layoffs.

  • The Fed remains self-funded through fees and asset holdings, but has booked losses recently due to interest rate hikes.

  • The staff reductions come amid scrutiny from some in Congress about the Fed's expanding mission.

reuters.com
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