GAO Report: Corp Fin Has Lost 14% of Its Staff

I’ve blogged before about how the SEC has downsized its staff over the past year. Now we have a GAO report providing more details about that (for the fiscal year ending September 30, 2025). Here are seven things to know:

1. Overall, the agency lost 18% of its staff (17% of its mission critical staff).
2. Corp Fin lost 14% of its staff, which decreased from 429 to 372.
3. Of the 57 staffers who left Corp Fin, 25 left for voluntary departure incentives, 12 for deferred resignations and 21 due to other attrition.
4. Enforcement lost 18% of its staff, IM lost 24%, Trading and Markets lost 22% and the Chief Accountant’s office lost 23%.
5. Nobody was fired. All departures were voluntary.
6. Interviews were attempted to be conducted with current and former SEC employees about personnel management practices and seven current and ex-Corp Fin staff participated. Details about the interviews are not provided.
7. In the wake of its 2025 wave of departures, the SEC analyzed its staffing plan and increased the target ratio of employees and supervisory employees to senior officers – then offered another buyout in September 2025 to most supervisory-graded employees and allowed certain supervisors to accept a downgrade in duties to achieve the planned ratios. 42 additional staffers departed in fiscal year 2026 as a result of these efforts.