The Federal Reserve plans to reduce the agency’s head count by 10% over the next “couple” of years. In a memo sent internally on Friday, Fed Chair Jerome Powell said the central bank is looking to trim its head count by 10% through attrition across the Federal Reserve system,

In an internal memo to staff on Friday, the central bank’s chair, Jerome H. Powell, said it would offer a voluntary deferred resignation program.

In a message to board employees, the central bank chair said “changes around staffing and operations can be challenging."