Federal Reserve Building. Boston, Ma.- 1994
The Federal Reserve Building in Boston.
(Globe file)

The Federal Reserve Bank of Boston plans to cut 160 jobs, or nearly 15 percent of its workforce, according to a report today by the Boston Business Journal.

The news outlet cited information from an employee who said he and his colleagues were told about the cuts late last week. The worker asked not to be identified because he is not allowed to speak publicly about the matter.

A spokesman for the federal treasury department told the Boston Business Journal that the cuts are part of a consolidation designed to improve efficiency and will result in $117 million in savings over 10 years.

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The spokesman did not say whether workers would be laid off or if the reductions perhaps would be made through attrition.