Barclays bank is laying off 70 employees in Whippany, the latest job cuts in New Jersey’s financial services sector.
According to a company spokesperson, the 70 roles in Whippany in Morris County have been “made redundant.”
“We regularly review our operations to ensure we have the most effective and efficient model to best serve our clients and customers,” the spokesperson said.
It comes as some of the world’s largest banks and financial institutions are cutting their head counts to tighten budgets amid uncertain economic times, and the phenomenon has hit New Jersey.
Barclays let go of 244 employees earlier this year, according to a public filing.
James Hughes, an economist at Rutgers University, told NorthJersey.com that white-collar jobs in banking and finance have become saturated after a two-year hiring spree that followed the COVID-19 pandemic.