Finance

UBS latest bank to announce NJ job cuts as finance sector shrinks

Published

2 years ago

May 23, 2024

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UBS latest bank to announce NJ job cuts as finance sector shrinks

2-minute read

Swiss bank UBS is laying off 51 employees at its Weehawken office, public records show, as New Jersey’s banking and finance sectors more broadly grapple with tightening budgets amid uncertain economic times.

UBS is reportedly looking to trim its costs by $13 billion, which includes cutting one in every 12 employees, according to Reuters. A spokesperson for UBS declined to comment for this story.

Data from state filings showed that five financial institutions announced New Jersey layoffs so far in 2024: The Bank of New York Mellon Corporation, TD Bank, Prudential Financial, Citibank and JPMorgan Chase Bank.

Some of those banks — including Citibank and Charles Schwab — are cutting their head counts by the thousands or tens of thousands across their entire operations.

Nationwide, Charles Schwab is cutting 2,000 employees and Citibank 20,000 of its staff.

“Banks are reducing back-office costs, and this includes people and head count reductions, unfortunately,” said Christopher Marinac, director of research at Janney Montgomery Scott, a financial services firm. “Overall, bank earnings are stable and generally not growing. Further, bank balance sheets are not expanding much this year.”

One factor — the Federal Reserve, which has raised interest rates 11 times since the COVID-19 pandemic. That pushed mortgage rates higher for homebuyers, meaning fewer people obtained mortgages, prompting Wall Street to respond with layoffs, said a report by CNBC.

That resulted in the state’s first job losses in half a year, unemployment figures show.

“Banks are being careful on new lending and trying to retain more capital as the Federal Reserve is tightening standards and raising capital requirements soon,” Marinac said.

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.

Layoffs this year

New Jersey companies are letting go of more than 4,600 employees in 2024, public records show.

The layoffs include 2,774 job cuts announced in 2023 for this year, and another 1,847 cuts announced in the first three months of 2024.

Those cuts come at a time when New Jersey’s workforce posted a net loss in jobs for the first time in six months. Meanwhile, the state unemployment rate has hovered at 4.8% since September, state data shows.

Daniel Munoz covers business, consumer affairs, labor and the economy for NorthJersey.com and The Record.

Email: munozd@northjersey.com; Twitter:@danielmunoz100 and Facebook

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Finance

Mis-Sold Car Finance Explained: What UK Drivers Should Know

Published

8 hours ago

January 6, 2026

Press Room

Car finance is now one of the most popular ways in which drivers purchase their vehicles in the UK. RICHMOND PARK, BOURNEMOUTH / ACCESS Newswire / January 5, 2026 / In particular, Personal Contract Purchase (PCP) and Hire Purchase (HP) agreements …

Finance

Solaris Names Steffen Jentsch to Lead Embedded Finance Platform | PYMNTS.com

Published

20 hours ago

January 5, 2026

Press Room

Solaris Names Steffen Jentsch to Lead Embedded Finance Platform | PYMNTS.com

Carsten Höltkemeyer, the firm’s CEO, stepped down at the end of 2025, the company said in its announcement last week. Steffen Jentsch, chief information officer and chief process officer for FinTech flatexDEGIRO AG, will take his place.

“Jentsch brings a proven track record in scaling digital financial platforms, along with deep expertise in regulatory transformation and digital banking solutions,” the announcement said.

Höltkemeyer is set to stay on in an advisory role. The announcement adds that Ansgar Finken, chief risk officer and head of its finance and technology area, is also stepping down, but will remain on in an advisory capacity.

Finken will be succeeded by Matthias Heinrich, former chief risk officer and member of flatexDEGIRO Bank AG’s executive board.

“I’m truly excited to join Solaris and lead the next chapter — one defined by durable growth built on regulatory strength and commercial execution,” Jentsch said.

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“Digital B2B2C platforms thrive when cutting-edge technology, cloud-native infrastructure, and strong compliance frameworks work seamlessly together. Solaris has been a first mover in embedded finance and has helped shape the market across Europe.”

The release notes that the leadership change follows SBI’s acquisition of a majority stake in Solaris as part of the 140 million euro ($164 million) Series G funding round last February.

The news follows a year in which embedded finance “moved from consumer convenience to business as usual,” as PYMNTS wrote last week.

During 2025, embedded payments, lending and B2B finance all demonstrated clear signs of maturity — especially when tied to specific verticals and workflows instead of being deployed as generic platforms. The most successful implementations were almost invisible, woven directly into the systems where users already worked, the report added.

“The embedded finance revolution that transformed consumer payments is now reshaping B2 commerce — with far greater stakes,” Sandy Weil, chief revenue officer at Galileo, said in an interview with PYMNTS.

“In 2025, businesses are embedding working capital, virtual cards and automated workflows directly into their platforms, turning financial operations into growth engines.”

It was a year in which “buy, don’t build” became the overriding philosophy, the report added. Research by PYMNTS Intelligence in conjunction with Galileo and WEX spotlighted the way institutions prioritized speed and specialization over ownership, “outsourcing embedded capabilities rather than developing them internally.”