Online reports, according to foreign media reports, Federal Reserve Chairman Powell informed employees in a memorandum on Friday local time that the agency plans to reduce its workforce by about 10% in the next few years mainly through natural attrition. According to people familiar with the matter, the layoff plan will include providing delayed departure plans to some employees, covering eligible employees of the Federal Reserve Board and 12 regional Federal Reserve banks. Powell said in the memorandum: "I have asked leadership at all levels of the Federal Reserve system to gradually advance functional integration, modernize business practices, and ensure that they maintain the right scale to fulfill our legal mission." "In the next few years, our overall employee level will be about 10% lower than it is now."