The Trump administration moved on Wednesday to drastically shrink a government agency tasked with identifying looming financial risks, notifying around 40 staff members they would be laid off, according to a person familiar with the changes.

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The employees at the Office of Financial Research (OFR) were told on Wednesday they will lose their jobs as part of a broader reorganization of the agency previously announced by the Trump administration which has pledged to slash financial regulation.

First Published:Aug 9, 2018 5:33 AM IST