The influence of an electric field on an ultrathin FeCo film was investigated by x-ray absorption spectroscopy and magnetic circular dichroism. Measurements were done on sub-millimeter sized pillars, with partial fluorescence yield detection. Fe L2,3 absorption spectra revealed that partial oxidation of Fe occurred during the microfabrication. The oxidation state could be reversibly controlled by an electric field, which also induced variations of the dichroic signal. These results show that electrochemical phenomena may influence the magnetism at a ferromagnet/insulator interface.