Federal Reserve Chairman Jerome Powell said Wednesday the U.S. central bank is undergoing a notable reduction in the ranks of those who work for the institution.

The Fed leader, speaking in a press conference, said the central bank is currently in the process of shedding 10% of its staff and "at the end of that" Fed staffing will be where it was a decade ago.

On the prospect of reforms of the Fed, Powell said "we're certainly open to constructive criticism and ways to do our jobs better," but he leaned against the need for a formal review of the central bank.