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Investing.com -- Federal Reserve Vice Chair for Supervision Michelle Bowman has announced plans to reorganize the central bank’s supervision and regulation division, including a reduction in staff by approximately 30%, Bloomberg reports.
During a Thursday meeting with staff, Bowman outlined the restructuring plan that will shrink the unit from nearly 500 authorized positions to roughly 350 employees by the end of 2026.
According to Bloomberg, citing a memo sent to staff, the reduction will primarily occur through attrition, retirements, and voluntary separation incentives rather than layoffs.
The reorganization represents a significant change to the Fed’s bank supervision operations, which oversees regulatory compliance across the banking sector.
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