Prudential Will Lay Off 145 Workers In New Jersey, State Says

NEWARK, NJ — Prudential Financial will be parting ways with more than 100 employees this year beginning in April, according to a Worker Adjustment and Retraining Notification Act (WARN) advisory on the New Jersey Department of Labor and Workforce Development website.

WARN notices offer protection to workers, their families and communities by requiring employers to provide notice 60 days in advance of plant closings and mass layoffs.

Prudential, which has a headquarters in Newark, will be laying off a total of 145 workers from April to September, according to the notice.

CEO and chair Charles Lowrey indicated that upwards of 200 cuts were coming in a November memo to employees. When the cuts were brought up, Lowrey indicated in reports the reductions would downsize management levels by one-third, NJBIZ reported.

“The recently filed WARN notices are part of the previously discussed organizational structure changes and cost reduction efforts,” a Prudential spokesperson told NJBIZ.

“Prudential continually reviews its organizational structure on behalf of its customers to drive growth and maintain its competitive position in the marketplace,” they continued. “This includes periodically eliminating certain roles that no longer align with our strategy … Headcount is just one of a number of factors we consider when looking at costs and business efficiencies.”

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