Massive layoffs now hit New Jersey before the holidays as more businesses announce of upcoming job cuts.
A few companies have even begun to announce cutting hundreds of jobs beginning the new year already.
It is important to note that under the Worker Adjustment and Retraining Notification Act, an employer with more than 100 full-time workers must provide a 60-day notice before laying off 50 or more people at a single site.
Two businesses have filed a WARN act this week with the New Jersey Department of Labor and Workforce Development advising of upcoming layoffs.
- Ahold Ecommerce Sales Company, a service provider to Stop & Shop, operates a state-of-the-art automated warehouse in Jersey City, and they have advised that 454 employees will lose their jobs on March 1, 2024.
- Siemens Healthcare Diagnostics provides clinical diagnostic services and therapeutic systems, and they will be laying off 300 staff at a facility in Morris.
So far in 2023, New Jersey has had approximately 11,712 layoffs across 124 businesses.
However, California remains the #1 state with the most layoffs in the country.
Below are the businesses that filed WARN notices advising of upcoming job cuts in New Jersey this year prior to the holidays.
- PTC Therapeutics Inc. 308 job cuts by 12/27.
- Siemens Healthcare Diagnostics Inc. 300 job cuts by 1/31/2024.
- Nestle. 210 job cuts by 11/17.
- Hunterdon Brewing Company LLC. 143 job cuts by 12/01.
- Bristol-Myers Squibb. 108 job cuts by 11/02.
- Novartis Pharmaceuticals. 103 job cuts by 11/24.
- Hotel Mahwah dba Sheraton Mahwah. 91 job cuts by 12/15.
- Geico. 93 job cuts by 1/17/2024.
- Novelis ALR Rolled Products Inc. 104 job cuts by 1/2/2024.
- GEO Reentry Service LLC. 107 job cuts by 1/18/2024.
Other Economy News Today
A massive US bank now lays off 2,000 employees in efforts to cut back on costs after announcements were initially made in September.
Charles Schwab has laid off about 5% to 6% of its employees, amounting to roughly 2,000 people, as it looks to cut costs, per numerous reports.
A Schwab spokesperson said these “were hard but necessary steps to ensure Schwab remains highly competitive, with industry-leading levels of efficiency, well into the future.”
The company only released a percentage of how many people were laid off and didn’t give a precise number, but Schwab’s headcount was 35,900 as of September 30, according to a corporate fact sheet.
“They are decisions that impact very talented people personally, and we take that very seriously,” a spokesperson said.
“We worked diligently to ensure affected employees were treated with care and respect throughout this difficult process.”
The cost-cutting measures were first announced in the summer, with the brokerage looking to cut $500 million in costs as it faces investor pressure, reports CNN.
Part of the changes includes evaluating its “real estate footprint, streamlining our operating model, and staffing reductions, largely in non-client-facing areas,” a Schwab spokesperson said.
Like other banks, Schwab endured turbulence earlier this year when its bottom line was given a hard look by investors after the collapse of Silicon Valley Bank.
Citigroup also confirmed during the second quarter that new layoffs (1,600 in the second quarter) will push the total job cuts to 5,000 this year.
Wells Fargo also said that it could see its headcount decline further as it aims to improve efficiency, per Chief Financial Officer Mike Santomassimo.
Charles Schwab stock is currently down more than -35% this year-to-date.
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