The Federal Reserve is planning to reduce its headcount by about 10% in the next couple of years, mainly through attrition, Bloomberg News reported May 16, citing a memo by the Fed Chair Jerome Powell.

The Federal Reserve aims to cut 10% of its workforce over the next several years, Chair Jerome Powell told employees in a memo—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.