Barclays, a leading British banking institution, has announced further job cuts in its Whippany location this year, totaling 78 positions. These layoffs are set to occur between June 23 and July 7, as revealed by public filings. This comes on the heels of 69 job reductions in January at the same site. Oksana Poltavets, a spokesperson for Barclays, stated that these layoffs align with the bank's strategy to become “simpler, better and more balanced” through automation and technology improvements, although specifics were not provided.
The banking sector has experienced a trend of job reductions over the past year. In 2024, numerous banks and financial institutions reduced their workforce, impacting thousands of positions, including many in New Jersey. James Hughes, an economist at Rutgers University, commented to NorthJersey.com that the surge in hiring of white-collar jobs in the banking and finance sector post-COVID-19 pandemic had led to a saturation.
In a similar vein, JPMorgan Chase, the largest bank in the United States, announced in February that it would be laying off 121 employees in Jersey City, part of a broader layoff strategy affecting 1,000 positions across the country in the same month.
