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Ridgewood Today
By the People, for the People
Layoffs Spike as Sherrill Budget Punishes Businesses
Gov. Mikie Sherrill's new taxes and regulations are driving companies out of New Jersey
Apr. 10, 2026 at 9:52pm
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As New Jersey businesses grapple with new taxes and regulations, the state's economic landscape faces an uncertain future.Ridgewood TodayNew Jersey employers are on a dizzying pace of new layoffs in 2026, with major companies like JPMorgan Chase, UBS, and Fiserv announcing thousands of job cuts. Business groups warn that Sherrill's anti-business policies, including a record $60.7 billion state budget with new taxes and regulations, are to blame for the surge in layoffs and companies leaving the state.
Why it matters
Sherrill's economic policies are having a direct impact on New Jersey's workforce and business climate, raising concerns about the state's ability to attract and retain companies. The layoffs and departures highlight the challenges facing the state's economy as it struggles to recover from the pandemic.
The details
By the end of March, based on New Jersey WARN Notices, about three dozen employers across the state have announced 4,508 layoffs so far this year. That's tracking above 2025 levels and more than two-and-a-half times the first quarter of 2024. Major companies like JPMorgan Chase, UBS, and Fiserv have all announced significant job cuts in New Jersey. Business groups say Sherrill's plans, including a new employer Medicaid assessment and limits on certain tax deductions, are discouraging hiring and investment in the state.
- By the end of March 2026, about three dozen employers across New Jersey have announced 4,508 layoffs this year so far.
- In 2025, New Jersey employers announced just over 3,600 layoffs from January through March.
- In the first quarter of 2024, New Jersey employers announced 1,753 layoffs.
The players
Gov. Mikie Sherrill
The governor of New Jersey who has proposed a record $60.7 billion state budget with new taxes and regulations that business groups say are driving companies out of the state.
JPMorgan Chase
A major financial services company that has announced two rounds of layoffs in New Jersey, totaling 254 employees.
UBS
A global financial institution with a large presence in Weehawken, New Jersey, that has announced 103 layoffs in the state.
Fiserv
A global provider of payments and financial services technology with a large campus in Berkeley Heights, New Jersey, that has announced 118 layoffs in the state.
The takeaway
Sherrill's economic policies are having a direct impact on New Jersey's workforce and business climate, raising concerns about the state's ability to attract and retain companies. The layoffs and departures highlight the challenges facing the state's economy as it struggles to recover from the pandemic.
