World War II and the Richmond Fed

Many of the changes in Richmond Bank activities are mirrored in its employment levels. The effort surrounding World War II led to the Bank's largest employment expansion (see chart). At the end of 1941, the Bank employed 795 people, but by the end of 1945, employment had almost doubled to 1,534 people. Much of the increase was connected to the war effort. Practically the entire increase consisted of women, with 1,472 employees of Reserve banks leaving to enter military service. Although the employment expansion was largely related to war savings bonds, war production loans, and consumer credit control, economic research activities also grew at this time. And this employment expansion was not limited to the Richmond Fed. Systemwide, employment rose from 14,083 workers in 1941 to 23,522 employees in 1945 — a 67 percent increase.