The new leadership at the Consumer Financial Protection Bureau plans to fire nearly all of its 1,700 employees while “winding down” the agency, Hugh Son of CNBC reports, citing testimony from employees. Federal employees said mass layoffs were discussed in meetings this month with senior CFPB leaders and members of Elon Musk’s Department of Government Efficiency, CNBC reports. Publicly traded companies in the large bank space, which CFPB oversees, include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC).
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