The U.S. Securities and Exchange Commission plans to lay off the top leaders at regional offices across the country as part of its cost-cutting recommendations to the Trump administration, according to two sources familiar with the matter.
The SEC on Friday told directors across its 10 regional offices that their roles will be eliminated as part of the plan the agency submits next month, the sources told Reuters.
The people spoke on condition of anonymity as the discussions are not public. A spokesperson for the SEC declined to comment.
The SEC, which oversees the more than $100 trillion U.S. capital markets, is under pressure from Republican President Donald Trump to fire staff and slash costs. Agency leaders have been told to submit recommendations for steep cuts to the administration. Some of the government's cost-cutting efforts have involved the new Department of Government Efficiency, or DOGE, and Trump's special adviser Elon Musk.
The administration has already begun firing thousands of people across federal agencies. Musk on Saturday demanded employees across the federal government list their accomplishments for the last week or face firing. The SEC is embroiled in litigation against Musk for allegedly violating securities regulations.
Spokespeople for the White House did not respond to request for comment.