Prudential Financial, which let go of 243 senior positions last November, intends to lay off 145 more this year, according to a WARN notice the company recently posted.
It is unclear how many of the positions are based in New Jersey — or what level the employees being released are at in the company. Prudential Financial did not immediately offer that information.
A company spokesperson did say the layoffs are part of a continual reevaluation of cost structures at the company.
“The recently filed WARN notices are part of the previously discussed organization structure changes and cost reduction efforts,” the person said. “Prudential continually reviews its organizational structure on behalf of its customers to drive growth and maintain its competitive position in the marketplace. This includes periodically eliminating certain roles that no longer align with our strategy.
“We have approximately 40,000 employees in 40 countries. Headcount is just one of a number of factors we consider when looking at costs and business efficiencies.”
Last November, Prudential CEO Charles Lowrey, speaking on the company’s quarterly earnings call, said the layoffs stem from a desire to create a leaner, faster and more agile company.
“We’re taking new steps to simplify our organizational structure by reducing management layers, complexity and costs while making investments in technology and data platform,” he said then. “Our goal is to empower faster decision-making and bring our integrated business teams closer to our customers and clients.”
According to the WARN notice, posted Feb. 15, layoffs will begin April 15, with additional layoff days occurring June 28, July 2, July 31, Sept. 1, Sept. 24 and Sept. 30.
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.
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