The Federal Reserve aims to cut 10% of its workforce over the next several years, Chair Jerome Powell told employees in a memo, according to multiple reports—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 system plans to reduce its staff count by 10% over the coming years, primarily through attrition, its leader told employees in an internal memo Friday. Why it matters: The Fed is structured to be independent from the executive branch,

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