About 500 employees of the Securities and Stock Exchange agreed to leave the agency in response to acquisition and postponed acquisition offers of $ 50,000, according to people who have direct knowledge of the issue.
People said that the enforcement and exams and the office of the General Adviser will witness some of the most important departures, and to request not to identify the discussion of non -public information. The number may rise up with the additional persons accepting the acquisition before the deadline on Friday for an incentive of $ 50,000. Some departures may not happen until later this year.
The total represents about 10 % of about 5,000 employees in the agency. Some former employees have expressed concern that the agency will not be able to deal with a financial crisis, if it appears, given the depletion of talent.
To qualify for the acquisition offer, employees should be on the agency’s salaries before January 24. They should leave voluntarily by resigning, converting to another agency or immediate retirement. If they accept the voluntary separation agreement and return to the Supreme Education Council within five years, they must completely pay the incentive.
A SEC spokeswoman rejected the commentary.
More costs on the agency’s agenda. SEC plans to get rid of rental contracts for its offices in Los Angeles and Viladelphia. The Public Services Department has also explored the expiry of the Chicago office lease, although this may come with a major financial penalty, Bloomberg said.
Regional offices Supervising a large part of the exams and enforcement work. The most volatile positions in regional offices have also been reduced, although individuals in these roles were not forced to go out.
Discounts in the Supreme Education Council have been criticized as inconsistent with the administration’s task to reduce the costs of the federal government.
“The Trump administration may claim that the size of all agencies should be reduced by almost a similar margin, in fact for sharing the appropriate discounts,” Fox Joel Selegman wrote in A. Blog post Last week. “But this ignores one unusual fact about the Supreme Education Council: I have been constantly born more fees than operating expenditures.”
Reuters reported earlier on Friday that hundreds will leave.
This story was originally shown on Fortune.com
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