Prudential Financial Layoffs: What You Need to Know

Prudential Financial has been making headlines with its recent layoffs, affecting thousands of employees. The company has been facing financial challenges and restructuring efforts.

According to reports, Prudential Financial laid off around 1,800 employees in 2020, with the majority being from the company's US-based operations. This move was part of a larger effort to cut costs and improve efficiency.

Many employees who lost their jobs were from the company's insurance and financial services divisions. The layoffs were not limited to a specific department, but rather affected various teams across the organization.

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Prudential Financial, a Fortune 500 company, has filed a WARN notice with the state of New Jersey, indicating it intends to cut 146 positions.

The layoffs will occur between July 16 and September 22, as well as January 6, 2025. Prudential Financial has more than 40,000 U.S. employees.

Prudential is one of several large banks and financial institutions that have filed layoff notices with the state so far in 2024. Others include The Bank of New York Mellon Corporation, TD Bank, Citibank, JP Morgan Chase, and Barclays.

The layoffs are part of a continual reevaluation of cost structures at the company. Prudential Financial did not immediately offer information on how many positions are based in New Jersey.

A company spokesperson said the layoffs are part of a previously discussed organization structure change and cost reduction effort. Prudential Financial has approximately 40,000 employees in 40 countries.

Layoffs will begin April 15, with additional layoff days occurring in June and September. According to the New Jersey WARN Act, employers with 100 or more employees must give at least 60 days’ notice when they intend to lay off 50 or more employees in a 30-day period.

The layoffs are part of a trend of job loss from larger employers in New Jersey. NJBIA has warned policymakers that a new $1 billion Corporate Transit Tax could lead to further job loss.

The number of Fortune 500 companies in New Jersey has declined from 22 in 2018 to 14 in 2024.

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