US SEC's new chief says 15% of staff have left, contract cuts to come, sources say
Source: US News and World Report/Reuters
May 6, 2025, at 5:02 p.m
WASHINGTON (Reuters) -The new head of the U.S. Securities and Exchange Commission told staff on Tuesday the agency has lost 15% of its headcount across offices and divisions and he expects to conduct a "targeted" reorganization, according to sources familiar with the matter.
Paul Atkins, who was sworn in two weeks ago, said the agency would begin reviewing the SEC's contracts for business services on Wednesday, especially in information technology, four of the sources said. The SEC has shed more than 600 staff members through resignation offers as part of efforts to shrink the federal government by President Donald Trump and billionaire adviser Elon Musk's Department of Government Efficiency.
Atkins did not rule out the possibility of further reductions in headcount, something that has provoked deep unease among SEC staff. He also did not mention DOGE, which has been present at the agency since March, they said. An agency spokesperson said Atkins had told staff a new day was dawning at the SEC which was returning to its core, congressionally mandated mission: "protecting investors; furthering capital formation; and safeguarding fair, orderly and efficient markets."
The remarks delivered to a packed auditorium at SEC headquarters and billed as a "town hall," marked Atkins' first address to all staff and came as DOGE has increased its presence at the SEC's Washington D.C. home office.
Read more: https://www.usnews.com/news/top-news/articles/2025-05-06/us-secs-new-chief-says-15-of-staff-have-left-contract-cuts-to-come-sources-say
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