Major New Jersey Bank Announces More Layoffs

NEW JERSEY — JPMorgan Chase recently announced it plans to lay off more workers in New Jersey, with cuts happening as early as this summer, according to a notice filed with the state Department of Labor.

A WARN notice filed this month said the nation's largest bank will lay off 63 people at its Jersey City office.

Aug. 4 is the effective date of the layoffs, according to the notice.

The Worker Adjustment and Retraining Notification Act is a federal law designed to protect workers, their families and communities. It requires employers to provide notice 60 days before a business closing or mass layoff.

“This is part of our regular management of business. We regularly review our business needs and adjust our staffing accordingly, creating new roles where we see the need or reducing positions when appropriate,” Michael Fusco, a spokesperson for JPMorgan, told NJ Advance Media on Tuesday.

The layoffs at JPMorgan are the third round this year. In April, the company announced another 145 layoffs in its Jersey City office. That's in addition to 121 layoffs posted in February.

Cuts at JPMorgan are the latest in a series of company layoffs expected to affect New Jersey workers.

Last week, pharmacy chain Rite Aid said it plans to lay off more than 1,100 New Jersey employees in the coming months as the company files for bankruptcy, closes stores and attempts to sell its assets. The cuts will happen at unspecified locations throughout the state.

Last month, TD Bank said it was also eliminating 52 positions from its U.S. headquarters in Cherry Hill, taking place in phases through June. The announcement came just weeks before the company said it was preparing to shutter dozens of locations across multiple states, including five in New Jersey.

Finally, pharmaceutical giant Bristol Myers Squibb said it plans to lay off more than 500 employees over the next several months, according to a WARN notice.