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.

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.