Catherwood LibraryILR School

Various financial institutions have announced layoffs that will affect workers in New Jersey. JP Morgan Chase Bank, Citibank, Prudential Financial, TD Bank, and the Bank of New York Mellon Corporation are cutting employees due to uncertain market conditions. Each corporation is laying off hundreds if not thousands of employees, and Citibank announced that twenty thousand positions around the United States would be cut. In the New Jersey area, Citibank will lay off the greatest number of employees out of the several financial institutions conducting layoffs. Citibank will cut 183 employees, Prudential Financial will cut 145 employees, and the layoffs at the other financial institutions will affect less than one hundred employees respectively. Corporations are reining in costs to allow them to be prepared for the future. Banks are predicting that earnings will be stable this year and will likely not expand, and this has led to cost reductions in various divisions.