Federal Reserve Implements Staff Reductions After Years of Payroll Expansion

The U.S. Federal Reserve is cutting approximately 300 staff members from its payroll this year, marking a rare reduction in headcount for an organization that has steadily grown since 2010. The cuts primarily affect information technology jobs and positions related to payment processing systems, which are being consolidated. The reduction in staff is a combination of attrition and layoffs, and it is the first time budgeted headcount has fallen since 2010. The staff cuts come as the Fed faces losses on its operations and scrutiny from Republicans in Congress over its involvement in issues beyond its monetary policy and bank supervisory missions.