70+ Workers To Be Laid Off At Morris County Investment Bank

MORRIS COUNTY, NJ — A global financial institution with an office in Morris County is planning to lay off more than 70 employees, according to state documents.

Barclays Service Corporation, a subsidiary of the multinational financial giant Barclays, is preparing another round of layoffs in Morris County.

In a recent filing with the New Jersey Division of Workforce and Development, Barclays disclosed plans to eliminate 78 positions at its Whippany campus over the next few months. The move is part of the company's effort to "align staffing to current and expected business needs."

The layoffs are scheduled to take effect between June 23 and July 7 of this year, according to public filings.

Located at 400 Jefferson Park in Whippany and opened in 2018, the campus houses Barclays' Chief Operating Office and various functional teams from across the Americas.

Spanning 63 acres, the campus is equipped with cutting-edge technology and modern workspaces designed to foster collaboration and innovation, enhancing the firm's ability to serve clients globally. Barclays acquired the facility in May 2017.

Under the federal Worker Adjustment and Retraining Notification (WARN) Act, businesses with 100 or more full-time employees must file notices when laying off 50 or more workers at a single location. The intent is to provide workers, their families, and local communities with advanced notice of significant layoffs.

The WARN notices do not indicate the percentage of workers being laid off, nor do they provide information on whether smaller reductions were made at other Barclays locations across the state.