Layoffs Spike as Sherrill Budget Punishes Businesses

New Jersey employers announce thousands of job cuts amid tax hikes and new regulations

Apr. 10, 2026 at 10:52pm

Got story updates? Submit your updates here. ›

A high-end, photorealistic studio still-life photograph showing the shattered remains of a glass and metal piggy bank, representing the financial impact of new taxes and regulations on New Jersey businesses.As New Jersey businesses face a wave of new taxes and regulations, the shattered remains of a once-prosperous piggy bank symbolize the economic toll on the state's economy.Ridgewood Today

New Jersey employers have announced over 4,500 layoffs in the first quarter of 2026, a sharp increase from the previous year, as the state's economy continues to struggle under new taxes and regulations imposed by Governor Mikie Sherrill's administration.

Why it matters

Sherrill's proposed $60.7 billion budget includes a series of tax policy changes that business groups warn will discourage hiring and investment in the Garden State. The spike in layoffs highlights growing concerns about the state's anti-business climate and the impact on jobs and the economy.

The details

Major companies like JPMorgan Chase, UBS, and Fiserv have all announced significant layoffs in New Jersey in recent weeks, with a total of around 4,500 job cuts reported by the end of March. This marks a significant increase from the same period in 2025, when just over 3,600 layoffs were announced. Business leaders say Sherrill's plans, including a new employer Medicaid assessment and limits on certain tax deductions, are raising alarms and could further discourage hiring and investment.

  • By the end of March 2026, about three dozen employers across New Jersey have announced 4,508 layoffs so far this year.
  • In the first quarter of 2025, New Jersey employers announced just over 3,600 layoffs.
  • 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 $60.7 billion budget that includes new taxes and regulations that business groups say will discourage hiring and investment in 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.

Jennifer Davenport

The Attorney General of New Jersey who says her office is exploring options to fight what she calls the "extreme overreach" of a recent executive order by President Trump.

Got photos? Submit your photos here. ›

What they’re saying

“This order does nothing to strengthen election integrity and is designed to make it harder for eligible citizens to vote.”

— Gov. Mikie Sherrill

“Let's be honest, the rules we have right now don't work.”

— U.S. Rep. Josh Gottheimer, D-N.J. 5th District, co-chairman of the Congressional Democratic AI Commission

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.