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…
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.