FDIC hunting for extra 20% staff cut as DOGE descends on agency, Bloomberg News reports

(Reuters) -U.S. Federal Deposit Insurance Corporation is looking for ways to cut staffing by an additional 20% as part of Elon Musk’s Department of Government Efficiency cost-cutting, Bloomberg News reported on Thursday, citing people familiar with the matter.

Reuters earlier in the day reported that the regulator, which monitors banks and backstops deposits via its insurance fund, has brought on a “small team” of DOGE staffers to work with the agency’s leadership .

(Reporting by Disha Mishra in Bengaluru; Editing by Sandra Maler)