Prudential Financial Inc. has informed state authorities that it will lay off 57 employees at its New Jersey operations over the coming months.
According to a Worker Adjustment and Retraining Notification (WARN) filed with the New Jersey Department of Labor, the job cuts are scheduled to take place between July 31 and Oct. 18.
The company, which is headquartered in New Jersey and operates as a major life insurer, stated that the decision is part of a broader effort to align its workforce with current business needs.
In a statement provided to industry media, Prudential said it “continually reviews its organizational structure to ensure it is meeting the evolving needs of its customers and maintaining its competitive position in the marketplace. This includes periodically eliminating certain roles that no longer align with Prudential’s strategy.”
The announcement follows several previous rounds of layoffs by Prudential Financial in 2024.
Earlier filings indicated plans to eliminate 108 positions between late December 2024 and mid-April 2025.
The company did not disclose which business units would be most affected or the details of severance arrangements for those impacted.
Cumulatively, Prudential announced 637 job cuts in 2024, based on data from the state Department of Labor, as reported by Best Wire. The largest single reduction occurred in September, when 238 positions were eliminated.
Additional layoffs included 145 roles in February and 146 in June, according to WARN notices.
Despite the ongoing workforce adjustments, Prudential Financial’s underwriting subsidiaries continue to hold an A+ (Superior) Financial Strength Rating from AM Best.
The company’s financial stability and ability to meet policyholder obligations remain unchanged, according to the latest available ratings.
The timing of the layoffs coincides with the release of Prudential Financial’s 14th annual sustainability report.
The report detailed the company’s recent initiatives, including the implementation of a new leadership framework designed to foster inclusive practices and accountability among employees.
Prudential also highlighted the establishment of a Global Responsible AI Program, which is intended to identify and manage risks associated with the use of artificial intelligence in its products and services.
The company reported managing a $1 billion portfolio focused on impact and responsible investing, with investments targeting financial inclusion, affordable housing, and education.
