Office of the Comptroller of the Currency Initiates New Round of Layoffs, Union Reports
The Office of the Comptroller of the Currency (OCC), the primary regulator for the retail banking units of major U.S. financial institutions like JPMorgan Chase & Co., Bank of America Corp., and Citigroup Inc., has begun a new series of job cuts. According to the National Treasury Employees Union, the OCC started issuing reduction-in-force notices to employees on Wednesday. Approximately 50 OCC employees, many of whom held policy-related positions, are affected by these layoffs. This action follows an earlier announcement in June by the OCC regarding plans to reduce its staff through voluntary buyout offers. The current layoffs indicate a continuation of the agency's efforts to streamline its workforce, impacting various departments, particularly those involved in policy formulation and implementation within the banking regulatory framework.
