- Barclays indicated that the layoffs this summer were being done to “align staffing to current and expected business needs.”
- In 2024, the British banking firm laid off 70 people in Whippany, public records show.
British banking giant Barclays is laying off another 78 employees in Whippany this year, public filings show, in addition to 69 employees handed the pink slip in January.
The layoffs will go into effect between June 23 and July 7, according to public filings.
Oksana Poltavets, a spokesperson for the bank, said the layoffs were part of a plan to make Barclays “simpler, better and more balanced,” including through unspecified automation and technology upgrades, but did not provide details
In its public filing, posted with the state on March 25, Barclays indicated that the layoffs this summer were being done to “align staffing to current and expected business needs.”
And during a round of layoffs last year, Barclays spokesperson Matt Fields said several roles were “being made redundant” after a review of operations “to ensure we have the most effective and efficient model to best serve our clients and customers.”
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In 2024, the British banking firm laid off 70 people in Whippany, public records show.
Barclays officials said in 2023 that the firm would lay off 5,000 people globally as part of a cost-cutting campaign, the BBC reported.
Why might banks stall on hiring?
In 2024, banks and financial institutions trimmed their headcount by the thousands, including hundreds of positions in New Jersey.
James Hughes, an economist at Rutgers University, told NorthJersey.com that white-collar jobs in banking and finance have become saturated after a two-year hiring spree that followed the COVID-19 pandemic.
Late in February, JPMorgan Chase — the largest U.S bank — announced in public filings that it was letting go of 121 employees in Jersey City, part of 1,000 layoffs throughout the U.S that month.
More than 13k job cuts across NJ in 2024
Nearly 100 New Jersey companies announced more than 13,300 layoffs combined in 2024, public records show, as white-collar sectors such as pharmaceuticals, banking and finance tightened job counts.
Not all 13,332 people were necessarily out of a job. For example, a layoff notice was filed for 157 people from the Metropolitan YMCA in Wayne, but many of those workers were rehired.
Big Lots said late in December that it was handing 385 workers the pink slip, but then announced a last-minute deal to keep 400 of its stores open.
Daniel Munoz covers business, consumer affairs, labor and the economy for NorthJersey.com and The Record.
Email: munozd@northjersey.com; Twitter:@danielmunoz100 and Facebook