The U.S. Federal Reserve system is cutting about 300 people from its payroll this year, a small but rare reduction in headcount across an organization that has grown steadily since 2010 as its reach in the economy and regulatory agenda have expanded.
A Fed spokesperson said the cuts are focused on the staff of the U.S. central bank's 12 regional reserve banks and mainly hit information technology jobs, including some no longer needed because of the spread of cloud-based computer software, and positions connected to the Fed's various systems for processing payments, which are being consolidated.
According to annual reports and financial documents prepared by the Fed each year, the number of staff budgeted for the system, including its regional banks, the Washington-based Board of Governors, and three smaller units, is due to fall by more than 500 positions from 2022 to 2023, from 24,428 to 23,895.
The size of any drop in actual employment won't be known until early next year when the Fed closes its books on 2023 and releases its latest annual report. Unlike federal agencies that spend tax dollars allocated by Congress, the Fed is self-funding. Its earnings from its asset holdings and fees charged to banks for a range of services are used to pay the roughly $6.3 billion in annual expenses of a system that employs nearly 24,000 people in Washington and other cities across the country.
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