Prudential Financial Inc. plans to eliminate 53 positions in its latest round of workforce reductions as the company continues to pull back from businesses it does not consider growth opportunities, according to a mandatory filing with state labor officials.
The layoffs are set to take effect July 17, according to a Worker Adjustment and Retraining Notification notice filed with the New Jersey Department of Labor and Workforce Development. The latest round brings the total number of announced position eliminations since July 2025 to 290.
A company spokesperson said in an emailed statement to BestWire that the reductions are part of a broader strategic effort.
“Prudential is strengthening our business to deliver long-term growth by investing in the capabilities where we’re most competitive,” the spokesperson said. “That means continually making targeted adjustments, including, at times, reorganizing our workforce to align with the company’s strategy. These decisions are never easy, and we’re committed to providing impacted employees with support, care, and respect.”
Prudential said the latest cuts represent a small portion of its workforce, as the company employs more than 36,000 people globally.
Chairman and chief executive officer Andy Sullivan said earlier this month that the company is scaling back businesses it does not consider competitive, including exiting markets in Asia and Africa, BestWire reported.
Prudential was the largest US life insurers by admitted assets in 2025, reporting $605.83 billion, according to AM Best rankings. Sullivan said the company recently sold operations tied to its PGIM unit in Taiwan and India, as well as insurance businesses in Kenya and Indonesia.
Sullivan cited retirement and asset management as businesses with strong potential, pointing to an aging population as one of the long-term trends supporting those segments and where Prudential already has scale.
He said more details on the company’s long-term strategy will be provided during its second-quarter earnings call in August.
During Prudential’s first-quarter 2026 earnings call, Sullivan said the insurer had made “foundational changes” to its leadership and operating structure over the past year to improve accountability and execution. The company has also continued exiting noncore businesses as part of a strategy to redeploy capital toward higher-growth areas such as retirement and asset management.
