By Douglas Gillison and Chris Prentice
(Reuters) -Wall Street’s top regulator saw the biggest drop in staff numbers at divisions handling legal affairs, investment management and trading and markets following buyout programs offered by the Trump administration, data showed on Thursday.
The data, obtained by Reuters through a public records request, show those divisions at the U.S. Securities and Exchange Commission lost 15% to 19% of their full-time headcount over the course of several weeks, representing a significant workforce drawdown.
The SEC’s Chicago and Denver office staff numbers were also down nearly 20%, the data shows. Reuters is reporting the numbers for the first time.
The SEC declined to comment about staffing levels.
Overall since January 25, the SEC’s full-time head count has fallen 12%, according to the figures. That does not include attrition due to a hiring freeze and budget constraints.
Paul Atkins, the SEC’s newly sworn-in chair, told staff last week the agency’s staffing was down 15% since the start of the government’s fiscal year in October.
Atkins at the time said some positions would have to be-refilled but did not rule out the possibility of further staffing cuts.
The new numbers emerge as the SEC continues belt-tightening efforts, with more than 20 employees taken off regular duties in recent days and reassigned to full-time contract reviews to identify further possible opportunities to cut costs, principally in IT services, according to two people with knowledge of the matter.
Billionaire Elon Musk’s Department of Government Efficiency has been working to find cost cuts at various agencies including the SEC.
An SEC spokesperson said the agency was “working with DOGE to find cost efficiencies and ensure public funds are being used as effectively as possible.”
(Reporting by Douglas Gillison; Editing by Megan Davies and Stephen Coates)
Comments