Major bank announces New Jersey layoffs
More layoff news in New Jersey; Barclay’s filed a WARN notice that 244 positions in Whippany will be affected.
New Jersey’s WARN law requires employers to notify employees of large layoffs or plant closing; they file that information with the state. Those notices are public records.
The banking giant noted that the layoffs will take place in two stages; the first wave will be on Feb. 13, 2024, and the second will be on March 15, 2024.
According to Reuters, Barclays is working on plans to save up to $1.25 billion dollars, which could lead to a reduction of as many as 2,000 jobs, primarily in back-office operations. The Whippany site, being a part of this global restructuring plan, is experiencing the direct impact of these cost-cutting measures.
We review our business on a regular basis to ensure we are operating as effectively and efficiently as possible. These decisions are never easy and employees whose roles have been impacted will receive a full range of transition services,” said a Barclays spokesperson.
According to Franknez.com, so far in 2023, there have been approximately 14,063 layoffs in New Jersey across 135 businesses according to the latest WARN data.
Barclays was founded in 1690 by John Freame and William Dawson as a goldsmith and silversmith in London. The bank quickly grew and became one of the leading financial institutions in the UK. In the 19th century, Barclays expanded its operations internationally and became a major player in the global financial markets.
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