The Federal Reserve Bank of
Bank officials informed 160 workers an entire division that their jobs would be eliminated because a key customer, the
In an attempt to save taxpayers
Lavelle said, the last time the Boston Fed shrunk in such a substantial way was at the beginning of this century, when the central bank cut the amount of offices that handled paper checks from 54 to one nationwide.
The Boston Fed employs 1,075 people. While its work regulating banks and guiding policy on problems such as distressed communities, unemployment, and foreclosures garners the spotlight, it gives traditional bank services to the Treasury.
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