Former Treasury Secretary Janet Yellen will be joining an advisory board for bond giant Pimco, CNBC has learned.

Joining other prominent officials in the world of economics and finance, Yellen, who also served as Federal Reserve chair, will serve on the board that meets several times a year, according to the report from Leslie Picker.

The advisory board members’ mission, according to the Pimco website, is to “contribute their insights to the firm on global economic, political and strategic developments and their relevance for financial markets.”

Current members include Gordon Brown, the former UK prime minister; ex-White House chief of staff Joshua Bolten; Michèle Flournoy, former defense policy advisor under two U.S. presidents, and Raghuram Rajan, an economist and former governor for the Reserve Bank of India.

In addition, former Fed Chair Ben Bernanke also served as a senior advisor at Pimco, and Richard Clarida, who had served as the central bank’s vice chair, is a managing director in the firm’s New York office.

Yellen served as head of Treasury during all four years of the Biden administration, and before that was Fed chair from 2014-18. She was the first woman to hold the respective posts. Prior to taking the Treasury post, she served a stint as a distinguished fellow at the Brookings Institution think tank.

Pimco, based in Newport Beach, Calif., manages about $2 trillion for clients and once ran the largest bond fund in the world. Yellen has a past with the firm, reporting once that she collected a $180,000 speaking fee at the firm in 2019.

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The Treasury Department is planning to furlough a “substantial” level of its workforce in conjunction with Elon Musk’s efforts to shrink the size of the federal government, according to a court document.

As part of a complaint in a related case, Trevor Norris, the department’s deputy assistant secretary in human resources, indicated that the layoffs will be coming as part of the Department of Government Efficiency’s ongoing moves to cut the federal employee rolls.

In a sworn statement, Norris said Treasury is wrapping up plans to comply with President Donald Trump’s executive order backing DOGE’s activity. Treasury currently has more than 100,000 employees.

“These plans will be tailored for each bureau, and in many cases will require separations of substantial numbers of employees through reductions in force (RIFs),” Norris said in an affidavit.

The case involves a complaint by the state of Maryland to get a stay on the layoffs. In recent days, three judges have issued restraining orders putting temporary halts on DOGE’s efforts to hit several departments.

“The Treasury Department is considering a number of measures to increase efficiency, including a rollback of wasteful Biden-era hiring surges, and consolidation of critical support functions to improve both efficiency and quality of service,” a Treasury spokesperson said. “No final decisions have yet been made, and any current reporting to the contrary is false.”

Bloomberg News first reported the planned layoffs.

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