Washington, D.C.-based Federal Reserve, a privately-owned corporation with a quasi-government charter to act as the United States Central Bank, has announced a reduction in force affecting just over 1% of the Federal Reserve's workforce.
Approximately 300 employees will be impacted, primarily affecting technology positions at the central bank’s 12 regional reserve banks.
The decision appears to be driven by the implementation of cloud-based computer software, and positions connected to the payment processing systems which are being consolidated as paper check volumes decline in favor of electronic transactions.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?