Central Banking

Shift to e-payments leads to Fed job cuts

The US Federal Reserve reductions in cheque processing is likely to result in more than 210 jobs being cut at the Minneapolis Fed, as consumers shift from paper cheques to electronic payments.

Regional cheque processing is to be consolidated in Philadelphia, Cleveland, Dallas and Atlanta, while operations at other Fed sites like Minneapolis will be scaled down. In total the Fed expects to reduce staff by around 1,740.

The 210 workers in Minneapolis will be laid off in phases beginning next year