According to state documents with the New Jersey Labor Department, Prudential Financial, based in Newark, began its fourth round of layoffs in 2024, laying off a total of 634 employees by the end of the following year.
The action was taken because, according to a note by Wall Street ratings firm Moody’s, Prudential, a Fortune 500 business, faces greater risk in the commercial real estate financing industry.
This, in addition to bad bonds and “alternative investments,” “could weaken capital if there is an economic downtown,” according to Moody’s. More generally, in order to tighten budgets during difficult economic times, some of the biggest banks and financial organizations in the world have reduced their workforces.
Between December and April 2025, 108 employees will be affected by the most recent layoffs. 243 employees, all in senior leadership roles, were let go by Prudential last year during a $200 million restructure in the fourth quarter.
“We’re taking steps to create a leaner, faster and more agile company, including simplifying our management structure, by reducing management layers, complexities and costs,” Chief Executive Officer Charles Lowrey stated.
The layoffs are broken out as follows:
- In February, 145 was announced.
- June saw the announcement of 146.
- September saw the announcement of 235.
- In November, 108 were announced.
According to a written response from a Prudential representative, the corporation frequently fires “certain roles that no longer align with Prudential’s strategy.”
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Prudential received a $210 million tax exemption from New Jersey authorities in 2012 to finance the construction of its massive office tower in downtown Newark.
The company was established in Newark in 1875 and now employs over 40,000 people worldwide.
