Deals
Wall Street Regulator Facing Cash Crunch Offers Staff Buyouts
- CFTC seeks to shrink its headcount amid budget shortfall
- Agency oversees derivatives, swaps and futures markets
Photographer: John Taggart/Bloomberg
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The main U.S. regulator of complex derivatives that helped fuel the 2008 financial crisis is offering some of its employees buyouts after lawmakers refused years of agency requests to increase funding.
Facing a cash crunch, the Commodity Futures Trading Commission began telling workers last month that it would give eligible employees as much as $25,000 to leave, according to an email sent to staff. The regulator also said it would allow early retirement, in some cases, while allowing employees to keep their full benefits.