In an internal memo to staff on Friday, the central bank’s chair, Jerome H. Powell, said it would offer a voluntary deferred resignation program.

The Federal Reserve aims to cut 10% of its workforce over the next several years, Chair Jerome Powell told employees in a memo, according to multiple reports—following suit with the Trump administration’s efforts to reduce the size of the federal workforce despite the agency’s independence from the executive branch.

In a message to board employees, the central bank chair said “changes around staffing and operations can be challenging."

The disclosure by the Federal Reserve that it plans to slash its workforce by 10 percent in coming years strikes us as newsworthy. The central bank is characterizing the staff cuts as part of its effort to be a “responsible steward of public resources.

The Federal ... Reserve Board employees who are eligible for full retirement as of Dec. 31, 2027, similar to how the central bank handled its workforce reductions in a 1997 efficiency push. "Board ...

The lower headcount will come from a voluntary deferred resignation program, not layoffs, according to an internal memo.

The Federal Reserve plans to shrink its workforce by about 10% over the coming years, bringing the U.S. central bank in line with President Donald Trump's broader efforts to streamline the federal government,

The Federal Reserve will look to reduce its headcount by 10% over the next couple of years, including offering deferred resignation to some older employees, central bank chair Jerome Powell said in a memo.

The Federal Reserve is planning to reduce staffing by 10% in the years ahead, Chair Jerome Powell said in a memo to employees seen by The Wall Street Journal.