Fed’s Bowman Moves to Reduce Bank-Supervision Unit By About 30%

The Federal Reserve’s top bank cop announced plans to reorganize the agency’s supervision and regulation division and shrink the unit’s staff by roughly 30%.

Vice Chair for Supervision Michelle Bowman said during a Thursday event with staff that the reduction is set to occur mainly through attrition, retirements and voluntary separation incentives, according to people familiar with the matter.

“She expects S&R to have a smaller overall footprint of roughly 350 employees – a reduction of approximately 30% from the previous authorized headcount of nearly 500 employees – by year-end 2026,” according to a memo sent to staff ...