Trenton, NJ – Some of New Jersey’s largest corporations are preparing to cut hundreds of jobs this fall, according to new state filings, raising concerns about the health of the Garden State’s workforce as the year closes out.
The job losses, reported through WARN (Worker Adjustment and Retraining Notification) notices, affect a wide range of industries — from pharmaceuticals and finance to retail and manufacturing — and will hit communities across the state in waves through the end of 2025 and into 2026.
Among the hardest hit is Bristol Myers Squibb, which will begin phasing out 282 positions at its Lawrence Township site starting in December and continuing into next spring. Novo Nordisk in Plainsboro is also planning a significant reduction, cutting 263 jobs by year’s end.
Other pharmaceutical and biotech employers are downsizing as well. Rocket Pharmaceuticals in Cranbury plans to eliminate 80 jobs by December, while Novartis in East Hanover will begin a series of phased cuts totaling 58 positions through mid-2026. BioReference Health, based in Elmwood Park, is slashing more than 170 jobs across two separate rounds of layoffs.
The financial sector is also being hit. Citibank in Jersey City will shed 52 jobs across multiple dates this fall, while JPMorgan Chase plans to cut 58 positions in November. Valley National Bank in Morristown has already begun reducing 59 jobs. Prudential in Newark will cut 63 jobs between November and December, and Ernst & Young is laying off 130 employees across Hudson and Middlesex Counties.
Retail and consumer businesses are not spared. Claire’s Boutiques Inc. is closing or downsizing across multiple counties, eliminating 155 jobs statewide. Spiral Binding in Totowa is cutting 137 workers, and Mark Anthony Brewing in Hillside is laying off 143.
Transportation and logistics are also feeling the pinch. Alstom Transportation in Camden is cutting 121 jobs, while Essendant in Cranbury is planning 171 layoffs.
The timing of the layoffs — many scheduled before the holidays — is expected to ripple through local economies, particularly in regions reliant on major corporate employers.
Key Points
- Pharmaceutical giants Bristol Myers Squibb and Novo Nordisk are cutting a combined 545 jobs.
- Major banks including Citi, JPMorgan, and Prudential are reducing staff across North Jersey.
- Retailers and manufacturers such as Claire’s, Spiral Binding, and Mark Anthony Brewing are also planning significant layoffs.
With multiple industries cutting staff, the next several months could be among the toughest for New Jersey workers in recent years.