Treasury Department is set to lay off a ‘substantial’ number of employees, official says

Treasury Department is set to lay off a ‘substantial’ number of employees, official says


People take pictures of the U.S. Treasury Department building in Washington, D.C., on Feb. 6, 2025.

Mandel Ngan | AFP | Getty Images

The Treasury Department is planning to furlough a “substantial” level of its workforce in conjunction with Elon Musk’s efforts to shrink the size of the federal government, according to a court document.

As part of a complaint in a related case, Trevor Norris, the department’s deputy assistant secretary in human resources, indicated that the layoffs will be coming as part of the Department of Government Efficiency’s ongoing moves to cut the federal employee rolls.

In a sworn statement, Norris said the Treasury is wrapping up plans to comply with President Donald Trump’s executive order backing DOGE’s activity. The Treasury currently has more than 100,000 employees.

“These plans will be tailored for each bureau, and in many cases will require separations of substantial numbers of employees through reductions in force (RIFs),” Norris said in an affidavit.

The case involves a complaint by the state of Maryland to get a stay on the layoffs. In recent days, three judges have issued restraining orders putting temporary halts on DOGE’s efforts to hit several departments.

“The Treasury Department is considering a number of measures to increase efficiency, including a rollback of wasteful Biden-era hiring surges, and consolidation of critical support functions to improve both efficiency and quality of service,” a Treasury spokesperson said in a statement. “No final decisions have yet been made, and any current reporting to the contrary is false.”

Bloomberg News first reported the planned layoffs.

Get Your Ticket to Pro LIVE
Join us at the New York Stock Exchange!
Uncertain markets? Gain an edge with 
CNBC Pro LIVE, an exclusive, inaugural event at the historic New York Stock Exchange.

In today’s dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12.

Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles and Dan Ives, with a special edition of Pro Talks with Tom Lee. You’ll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited!

Don’t miss these insights from CNBC PRO



Source

UK hedge fund Kernow says this cruise operator’s share price could surge by over 400%
World

UK hedge fund Kernow says this cruise operator’s share price could surge by over 400%

A contrarian stock picker has said a U.K.travel, insurance and financial services company could see its share price rise more than 400% in five years. Saga plc , which targets the over-50s, is a “materially undervalued” business, according to Alyx Wood, co-founder and chief investment officer of Kernow Asset Management, who described the stock as […]

Read More
Taking on China from Russia’s border: Inside Europe’s biggest rare earths factory
World

Taking on China from Russia’s border: Inside Europe’s biggest rare earths factory

A view of the NEO magnetic plant in Narva, a city in northeastern Estonia. A plant producing rare-earth magnets for Europe’s electric vehicle and wind-energy sectors. Xinhua News Agency | Xinhua News Agency | Getty Images NARVA, Estonia — Europe’s big bet to break China’s rare earths dominance starts on Russia’s doorstep. The continent’s largest […]

Read More
CNBC Daily Open: Once again, bad data is good news for markets
World

CNBC Daily Open: Once again, bad data is good news for markets

After shaking off some of the weakness at the start of the month, markets seemed to be ready to board Santa’s sleigh, and rode into a second straight day of gains this week.  Wednesday’s rally was on the back of surprisingly weak private jobs data, with payrolls processing firm ADP’s November report showing 32,000 job […]

Read More