Newark-based Prudential Financial recently filed a WARN notice with the state, indicating its intention to cut 146 positions. Under changes made to the New Jersey WARN Act, employers with 100 or more employees nationwide must give at least 90 days’ notice when they intend to lay off 50 or more employees in a 30-day period.
Prudential, a Fortune 500 company with more than 40,000 U.S. employees, was one of 13 companies that filed WARN notices in June with the New Jersey Department of Labor & Workforce Development (DOL). The WARN notice stated that the layoffs would occur between July 16 and September 22, as well as January 6, 2025.
Prudential is among several large banks and financial institutions that have filed layoff notices with the state DOL so far in 2024. Others include The Bank of New York Mellon Corporation, TD Bank, Citibank, JP Morgan Chase, and Barclays.
In June, employers from other industries also filed WARN notices for layoffs involving over 100 workers. These included One Bus in Elizabeth (132), Staples (124), Community Transit Lines in Paramus (123), and NEXDINE Hospitality in Voorhees (109).
In May, there were 15 large companies that filed WARN notices about pending layoffs. Pharmaceutical giant Bristol Meyers Squibb based in Lawrenceville topped that list with plans for 776 scheduled layoffs through December 16.
NJBIA has warned policymakers that a new $1 billion Corporate Transit Tax as part of the FY2025 state budget signed into law last week could lead to further job losses from larger employers. A recent “Do Better for Business” video released by NJBIA detailed instances where New Jersey companies have either moved or expanded elsewhere. The number of Fortune 500 companies in New Jersey has declined from 22 in 2018 to 14 in 2024.
