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US SEC buyouts hit legal, investment divisions hardest, data shows
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US SEC buyouts hit legal, investment divisions hardest, data shows
May 26, 2025 9:40 AM

(Reuters) -Wall Street's top regulator saw the biggest drop in staff numbers at divisions handling legal affairs, investment management and trading and markets following buyout programs offered by the Trump administration, data showed on Thursday.

The data, obtained by Reuters through a public records request, show those divisions at the U.S. Securities and Exchange Commission lost 15% to 19% of their full-time headcount over the course of several weeks, representing a significant workforce drawdown.

Staff numbers in the SEC's Chicago and Denver offices also were down nearly 20%, the data shows. Reuters is reporting the numbers for the first time.

The SEC declined to comment about staffing levels.

Overall since January 25, the SEC's full-time head count has fallen 12%, according to the figures. That does not include attrition due to a hiring freeze and budget constraints in recent years.

Newly sworn-in SEC Chair Paul Atkins told staff last week that the agency's staffing was down 15% since the start of the government's fiscal year in October. 

Atkins at the time said some positions would have to be-refilled but did not rule out the possibility of further staffing cuts.

The SEC has been continuing its belt-tightening efforts, with more than 20 employees taken off regular duties in recent days and reassigned to full-time contract reviews to identify further possible opportunities to cut costs, principally in IT services, according to two people with knowledge of the matter, who said this was part of the SEC's cooperation with billionaire Elon Musk's Department of Government Efficiency.

DOGE, which has been working to find cost cuts at various agencies including the SEC, has expanded its footprint at the agency's Washington headquarters, moving from one to at least three dedicated rooms as activity ramps up, according to one of the people and a third person with knowledge of the matter.

An agency spokesperson said the SEC was "working with DOGE to find cost efficiencies and ensure public funds are being used as effectively as possible."

The White House did not immediately respond to requests for comment on DOGE's work at the SEC.

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