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The U.S. Securities and Exchange Commission (SEC) is offering employees up to $50,000 to resign or retire early as part of a cost-cutting initiative, according to an internal memo seen by Reuters. Staff have until March 21 to decide, per the February 28 memo from SEC Chief Operating Officer Ken Johnson.
This move aligns with broader efforts by the Trump administration to reduce federal workforce expenses. More than 100,000 civilian government jobs have already been cut through layoffs and buyouts, with officials, including billionaire Elon Musk, advocating for a leaner federal system.
In addition to workforce reductions, the SEC is facing office closures. The General Services Administration (GSA) has decided to terminate the agency’s leases for its Los Angeles and Philadelphia offices, according to a March 3 memo. The Chicago office lease is also under review, though termination could lead to financial penalties. Johnson clarified that these lease cancellations are not linked to staff layoffs.
The SEC is also restructuring leadership, previously notifying regional office directors of job cuts. Additionally, the agency has ordered unionized employees to return to in-office work by mid-April, a move the union claims is unlawful.
The voluntary separation and early retirement programs allow eligible SEC employees to resign, transfer, or retire immediately. The agency has not commented on these developments.
Originally reported by Bloomberg, these changes reflect a strategic shift to streamline operations and reduce costs. With looming deadlines and structural shifts, the SEC’s reorganization signals a major transformation within the agency.
