Prudential Financial plans to lay off 63 employees by mid-December, according to a notice filed with the New Jersey Department of Labor & Workforce Development.
The layoffs are scheduled to take place between Nov. 16 and Dec. 16, as detailed in a Worker Adjustment and Retraining Notification. The company did not specify which positions will be affected.
“Prudential Financial continually reviews its organizational structure to ensure it is meeting the evolving needs of its customers and maintaining its competitive position in the marketplace,” a Prudential spokesperson said.
In an email to AM Best, the spokesperson also said that this process “includes periodically eliminating certain roles that no longer align with Prudential's strategy.”
This round of job reductions follows a July announcement in which Prudential said it would lay off 57 employees by Oct. 18. In late 2024, the company disclosed plans to cut 108 positions, marking its fourth round of layoffs that year.
In total, Prudential announced 637 layoffs in 2024, with previous reductions occurring in February, June, and September. The largest cut was in September, when 238 positions were eliminated. Earlier in the year, 145 jobs were cut in February and 146 in June, according to state records.
Amidst these layoffs, it is worth noting that Prudential was the subject of a United Kingdom Supreme Court ruling which determined that the company must pay VAT on £9.3 million in success fees related to post-group restructuring.
The job cuts also come despite the company’s broader financial performance. In September, Prudential Financial’s stock rose 6%, driven by stronger-than-expected sales in the first half of the year and improved capital returns.
Prudential also reported a significant decrease in net attributable income for the second quarter, falling to $533 million from $1.2 billion a year earlier. The insurer also posted realized investment losses, net and related charges and adjustments of $516 million for the quarter, compared with a gain of $175 million in the same period in 2024, according to its earnings statement.
Elsewhere, the company recently elected Joseph Wolk, executive vice president and chief financial officer at Johnson & Johnson, to its board of directors as an independent director, effective Sept. 30.
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