The Federal Reserve will reduce its bank supervision staff by 30% by the end of next year, the Wall Street Journal reported today.
The newspaper cited an internal memo outlining the cuts, which are being overseen by Fed Vice Chair for Supervision Michelle Bowman. The reductions will leave the Fed’s supervision and regulation division with about 350 staff, down from an authorized 500 staff.
The division will extend to staff a voluntary deferred-resignation offer previously made available to any central bank staff who were approaching retirement, the newspaper reported. The memo stated that the goal was to achieve the cuts as much as possible through natural attrition, retirements and voluntary separation incentives.
