One of the state’s most high-profile corporate tenants is reportedly planning to make cuts to its executive staff.

According to a report from Bloomberg, Prudential Financial Inc. will eliminate 243 positions in an effort to control costs as part of a years-long plan to overhaul operations and reduce market sensitivities.

In a memo to staff reviewed by the publication, Charles Lowrey, CEO of the Newark anchor institution, said the move aims to reduce management levels at the insurance giant by one-third. Bloomberg said that according to Lowrey, varying levels of senior vice presidents and vice presidents will be affected.

“Unnecessary complexity slows us down and adds to our operating costs,” Bloomberg quoted Lowrey as saying in the memo. “We have therefore embarked on a comprehensive effort to simplify our organizational design beginning with a significant reduction in the number of senior leaders.”

According to Bloomberg’s recap of the internal Prudential document, the layoffs will also include limited changes at levels below the executive tier mentioned, which are expected to be announced in the coming days.

While Bloomberg reported that a filing submitted by Prudential disclosed the 243 employee count, as of press time the New Jersey Department of Labor and Workforce Development’s WARN Notice archive did not include the company in its list.

“Prudential continually reviews its organizational structure on behalf of its customers to drive growth and maintain its competitive position in the marketplace,” the company said in a statement provided to NJBIZ. “This includes periodically eliminating certain roles that no longer align with our strategy.”

The news comes the same week as Prudential’s third quarter results. In its analysis of the report issued Nov. 1, Seeking Alpha said Prudential posted saw stronger-than-expected earnings in Q3, reflecting compelling sales across business segments and particularly in U.S. businesses.

Assets under management ticked up to $1.361 trillion, verses $1.350 trillion for the same time last year. However, the figure was down from Q2 2023’s $1.415 trillion.

You can see more details of the Q3 results in Prudential’s infographic here.

“Our third quarter results reflect continued momentum across our businesses, including the benefits from strong sales and the fifth consecutive quarter of underlying earnings growth,” Lowrey commented on the results. “We continued to execute on our strategy to reduce market sensitivity and increase capital efficiency, enhance our capabilities to better serve customers, and optimize our operating model to drive sustainable growth.

“Prudential is uniquely positioned at the intersection of insurance and asset management, with a strategy and evolving business model that supports our vision to be a global leader in expanding access to investing, insurance, and retirement security,” he added.