2 Financial Firms In Hudson County Announce Layoffs

HUDSON COUNTY, NJ — Two financial services companies announced layoffs this month that will impact more than 100 jobs in Hudson County.

UBS financial services — formed by the merger of two Swiss banks in 1998 — said in a recent notice to the state that they will lay off up to 33 workers on their Weehawken waterfront offices in January.

This came after they had filed three earlier notices this year for a total of 206 jobs.

UBS declined to comment when Patch reached out on Wednesday, but clarified that the layoff numbers apply to all of their offices, not just Weehawken.

Meanwhile, J.P. Morgan told the state earlier this month that they will lay off as many as 91 workers from their Jersey City office between this month and Jan. 24 of next year.

The company sent a statement saying, "This is part of our regular management of the business. We regularly review our business needs and adjust our staffing accordingly – creating new roles where we see the need or reducing positions when appropriate. We are committed to New Jersey and have more than 12,500 employees working in the state with about 850 open positions. This impacts a small number of local employees and we are working hard to redeploy them."

WARN notices filed in October and early November indicate that more than 1,600 employees have been notified that their jobs may be eliminated.

New Jersey's unemployment rate decreased to 4.2 percent in September, according to the federal Bureau of Labor Statistics. The rate has decreased for the last five months, down from 4.8 percent in April.

On Tuesday, Governor Mikie Sherrill announced that she had signed Executive Order No. 28, establishing the New Jersey Means Business Economic Development Strategy, a government effort that her administration says will make the state more business-friendly, increase New Jersey’s economic competitiveness, and create "quality jobs" across the state.

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