AM I NEXT? NO LOVE AT STRATEGIC FINANCIAL SOLUTIONS

Amherst, New York-based Strategic Financial Solutions, a consumer-facing debt settlement and resolution service that also serves attorneys, has ceased most operations and is implementing a mass layoff of all employees with the exception of a small Court-approved group (about 76 employees) to service attorney accounts.

The closure will impact all 838 employees, with 240 employees located in Buffalo, New York, 251 employees in New York City, and the remaining 350 employees are remote workers.

According to the Consumer Financial Protection Bureau and seven state attorneys general, the company allegedly was “running an illegal debt-relief enterprise" that fraudulently obtained more than $100 million from consumers.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT PRUDENTIAL FINANCIAL

Newark, New Jersey-based Prudential Financial, an iconic company whose subsidiaries provide insurance, retirement planning, investment management, and other financial products and services to both retail and institutional clients, has announced a reduction in force.

The personnel realignment will impact 145 employees in 2024, following a November 2023 layoff of 243 senior positions. The layoffs will be phased, commencing on April 15, 2024, and reaching completion on September 30, 2024.

According to a company spokesperson, “We’re taking new steps to simplify our organizational structure by reducing management layers, complexity, and costs while making investments in technology and data platform. Our goal is to empower faster decision-making and bring our integrated business teams closer to our customers and clients.”

“The recently filed WARN notices are part of the previously discussed organization structure changes and cost reduction efforts. Prudential continually reviews its organizational structure on behalf of its customers to drive growth and maintain its competitive position in the marketplace. This includes periodically eliminating certain roles that no longer align with our strategy. We have approximately 40,000 employees in 40 countries. Headcount is just one of a number of factors we consider when looking at costs and business efficiencies.”

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

Wilmington, Delaware-based Navient Corporation, a major student loan servicer, has announced its plans to leave the industry.

Navient announced this week it entered a binding letter of intent to outsource servicing of privately held student loan portfolios and commercial loans in the Federal Family Education Loan program.

According to a company statement, “Navient has entered into a binding letter of intent that will transition its student loan servicing to MOHELA, a leading provider of student loan servicing for government and commercial enterprises. Navient and MOHELA will work toward ensuring a seamless transition in the coming months and providing customers with uninterrupted servicing of their loans. The outsourcing process will begin this year and last 18 to 24 months, but Navient will maintain ownership of the loans."

According to Navient President and CEO David Yowan, "The decision to outsource is intended to simplify our business, reduce our expense base, and increase our financial and operating flexibility. Over the longer term, we believe these actions will increase the value shareholders derive from our loan portfolios and the returns we can achieve on business-building investments.”

Employees involved with processing, servicing, and providing customer service are at risk as operations are transferred to MOHELA.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?