WASHINGTON (Reuters) -Michael Gibson, director of the U.S. Federal Reserve’s supervision and regulation division, has accepted a voluntary buyout and will retire at the end of this month after 33 years at the central bank, according to an email from Gibson to Fed officials seen by Reuters. In the message to fellow Fed officials, Gibson […]
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US Fed bank supervision chief takes buyout, email says
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WASHINGTON (Reuters) -Michael Gibson, director of the U.S. Federal Reserve’s supervision and regulation division, has accepted a voluntary buyout and will retire at the end of this month after 33 years at the central bank, according to an email from Gibson to Fed officials seen by Reuters.
In the message to fellow Fed officials, Gibson also said deputy directors Jennifer Burns and Arthur Lindo had likewise decided to retire later this year.
“I understand that leadership transitions can be a time of uncertainty. However, I want to assure you that our organization is well-positioned to navigate these changes successfully,” Gibson said.
The Federal Reserve declined to comment. Gibson’s retirement was first reported by Bloomberg.
Fed Chairman Jerome Powell said in May that the central bank aimed to reduce its workforce by about 10% in coming years, aligning the bank with President Donald Trump’s wider goal of shrinking the federal workforce.
Gibson joined the Federal Reserve in 1992 and was appointed chief of bank supervision in 2011.
(Reporting by Niket Nishant in Bengaluru and Douglas Gillison in Washington; Editing by Maju Samuel and Matthew Lewis)