Trump administration cuts dozens of staff at financial markets watchdog: source
President Donald Trump (NATO photo)

The Trump administration moved on Wednesday to drastically shrink a government agency tasked with identifying looming financial risks, notifying around 40 staff members they would be laid off, according to a person familiar with the changes.

The employees at the Office of Financial Research (OFR) were told on Wednesday they will lose their jobs as part of a broader reorganization of the agency previously announced by the Trump administration which has pledged to slash financial regulation.

Editing by Michelle Price