WASHINGTON–The Federal Deposit Insurance Corp. plans to let go more than 1,200 employees as part of the Trump administration’s efforts to reduce  the federal workforce.

The job cuts are set to come through a combination of voluntary retirements and separations from the agencies, as well as leaving open jobs at the agency unfilled, FDIC leadership said in an email to agency staff that was reported by Bloomberg Law.

The report states that included among that 1,250 people are 500 FDIC employees who  took the Trump administration’s deferred resignation program offer earlier this year, according to the email.

Should an insufficient number of FDIC staff agree to leave voluntarily, the agency will conduct a formal reduction in force effort beginning May 13, according to the email.

Earlier, the FDIC terminated approximately 170 probationary employees, although those firings have since been stopped by lawsuits.

Overall, the FDIC  had approximately 6,200 employees at the start of the year. 

Similarities With NCUA

Similar to NCUA, Congress doesn’t provide funding for the FDIC, so any savings from eliminating positions at the agency wouldn’t affect the federal budget. Like NCUA, majority of its funding comes from insurance premiums and earnings.

NCUA is reportedly looking to reduce its workforce by 20% as a result of those same Trump administration orders to reduce staff. The CU Daily has spoken to some NCUA employees who have taken the retirement option, but the agency has not released information related to who has taken the voluntary leave and what its plans are.