Important Takeaways:

• Fed is cutting staff after more than a decade of payroll growth
• 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.
• The spokesperson, who would not speak for direct attribution, said the staff cuts represented a combination of attrition, including retirements, and layoffs.

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