AM I NEXT? NO LOVE AT PRUDENTIAL FINANCIAL (11/26/24)

NOVEMBER 26, 2024 — 108 EMPLOYEES IN NEW JERSEY

In its fourth round of layoffs, one hundred eight employees are scheduled for termination in New Jersey between December 2024 and April 2025.

According to a company spokesperson, “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.”

MARCH 27, 2024 — Original post…

Newark, New Jersey-based Prudential Financial, an iconic company whose subsidiaries provide insurance, retirement planning, investment management, and other financial products and services to both retail and institutional clients, has announced a reduction in force.

The personnel realignment will impact 145 employees in 2024, following a November 2023 layoff of 243 senior positions. The layoffs will be phased, commencing on April 15, 2024, and reaching completion on September 30, 2024.

According to a company spokesperson, “We’re taking new steps to simplify our organizational structure by reducing management layers, complexity, and costs while making investments in technology and data platform. Our goal is to empower faster decision-making and bring our integrated business teams closer to our customers and clients.”

“The recently filed WARN notices are part of the previously discussed organization structure changes and cost reduction efforts. Prudential continually reviews its organizational structure on behalf of its customers to drive growth and maintain its competitive position in the marketplace. This includes periodically eliminating certain roles that no longer align with our strategy. We have approximately 40,000 employees in 40 countries. Headcount is just one of a number of factors we consider when looking at costs and business efficiencies.”

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

Wilmington, Delaware-based Navient Corporation, a major student loan servicer, has announced its plans to leave the industry.

Navient announced this week it entered a binding letter of intent to outsource servicing of privately held student loan portfolios and commercial loans in the Federal Family Education Loan program.

According to a company statement, “Navient has entered into a binding letter of intent that will transition its student loan servicing to MOHELA, a leading provider of student loan servicing for government and commercial enterprises. Navient and MOHELA will work toward ensuring a seamless transition in the coming months and providing customers with uninterrupted servicing of their loans. The outsourcing process will begin this year and last 18 to 24 months, but Navient will maintain ownership of the loans."

According to Navient President and CEO David Yowan, "The decision to outsource is intended to simplify our business, reduce our expense base, and increase our financial and operating flexibility. Over the longer term, we believe these actions will increase the value shareholders derive from our loan portfolios and the returns we can achieve on business-building investments.”

Employees involved with processing, servicing, and providing customer service are at risk as operations are transferred to MOHELA.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT NASDAQ

New York, New York-based Nasdaq, a premier stock trading exchange, has announced major organizational changes as it repositions itself as a technology firm and integrates recently acquired financial software provider Adenza into its business.

As with most acquisitions, Nasdaq will attempt to reduce redundancies, consolidate functions, and streamline operations.

The reorganization will impact several hundred employees as it combines Adenza's London, England, and New York, New York offices into existing Nasdaq facilities.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?