This message is for Mr. O’Grady, CEO, on behalf of front-line employees, managers and even regional managers in Wealth Management. Because we don’t know if you’re aware of how bad things have gotten. Senior Execs in WM have made decisions to close... — read more 

Northern needs to take a hard look as to why they keep so many employees in chicago… major expense reduction can be realized by moving those administrative jobs to lower cost locations

Are you gonna believe me or your lying eyes??? lol. https://finance.yahoo.com/video/goldman-sachs-reportedly-eyes-northern-134119202.html

Is what you say when the talks get leaked. This go is in the merger playbook that’s been used for years. The merger is all but complete. Layoffs are coming fast and furious. Enjoy... — read more 

Things must be pretty rosy at NT. This board is far too quiet. I still think BNY will buy NT regardless of what your CEO says about being independent and then this board will light up once Razor Robin gets to cutting. Just ask your colleagues that... — read more 

It started with chainsaw Charlie and continues with the current CEO. The layoffs will be brutal and the cultural shift with be a bloodbath. I welcome this. NT has bloated, lazy, and complacent employees. Huge win for the shareholders!!!!

BNY has unfortunately developed a deeply toxic workplace culture under its current CEO. The environment is driven more by profit and shareholder profits than by a genuine commitment to employee well-being or long-term values. It’s disheartening to... — read more 

How excited are you all?

Any forecasts? severance? Impact of AI on process reengineering?

there have been many TDF 401k fiduciary lawsuits and settlements. anyone get fired? Northern Trust Reaches $6.9M Settlement Over In-House TDFs Participants in the firm’s 401(k) plan had sued the company for its alleged failure to regularly monitor... — read more 

Down from 2Q24 $85.4 million severance-related charges Gotta stick to the 5% total annual expense growth target.

how has DEI reduced costs, improved efficiency, or increased profits?

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released enforcement actions taken against national banks and federal savings associations (banks), and individuals currently and formerly affiliated with banks the OCC... — read more 

Northern Trust is implementing 500-1000 AI-driven layoffs in Bengaluru, Pune, Mumbai in Q2

If you were the Musk of 'DONE', Who would be the first to go?

the trump DOL nominee will make ESG investing illegal as a violation of ERISA and ntrs has plans to eliminate this practice to avoid lawsuits

Q2 saw $85 million in severance. About 850 people assuming average severance of $100,000 Q3 forecasts? If Q3 ROE is below 10% there will be more layoffs

Next week is the start of monitoring employees laptops down to the minute for every app used, website visited, or unaccounted for time. First up is tech partners. Did JP do this already? Northern just follows the playbook.

https://www.northerntrust.com/content/dam/northerntrust/pws/nt/documents/earnings/2024/2qe-trends-release-2024-762nt242.pdf

A federal judge in Philadelphia has denied a request by PPL Corp. to dismiss an ERISA lawsuit by current and former employees who criticized four PPL retirement plans for using a target-date series from Northern Trust that they say was a... — read more 

Northern Trust will pay $2.5 million to settle an ERISA lawsuit relating to its former role as an investment adviser to AutoZone's 401(k) plan. The plaintiffs sued AutoZone and NT in November 2019 accusing them of allowing "exorbitant management... — read more 

West Virginia State Treasurer Riley Moore added Citigroup, TD Bank, HSBC and The Northern Trust Company – banks which collectively oversee assets worth trillions of dollars – to his state's Restricted Financial Institution List after he determined... — read more 

Northern Trust employed approximately 23,100 full-time equivalent employees as of December 31, 2023. The regional breakout of our employee base is 42% Asia-Pacific, 41% North America, and 17% Europe, Middle East, and... — read more 

ISS-EVA: NTRS's weak performance (31st percentile vs. Russell 3000 companies), coupled with its high risk (76th percentile), indicates a low intrinsic valuation is warranted (21st percentile), which compared to its actual market valuation (50th... — read more 

After many years of layoffs claimed to increase profitability, ROE has fallen for 6 quarters. What about the 10%-15% ROE target range? What is going on?

"Disciplined headcount management" is a phrase used by NT to describe layoffs in a more positive way. While it doesn't explicitly mention job cuts, the underlying meaning is that the company is reducing its workforce. Here's a breakdown of the... — read more 

Michael O’Grady "We focused much of our efforts in 2023 on expense control, making various structural and governance changes to enable sustained long-term productivity improvements. Actions included disciplined headcount management, vendor... — read more 

Severance costs in first 3 quarters of 2023 were over 60% higher than the 2022 rate. The Q3 2023 10-Q (filed 2023-10-31) reports $36.7 million of severance-related charges in first 3Q of 2023. 2023 severance costs in 3 quarters exceeded the total... — read more 

A new report from the Financial Times shows twenty of the world's largest banks slashed 61,905 jobs in 2023, a move to protect profit margins in a period of high interest rates amid a slump in dealmaking and equity and debt sales. This compared with... — read more 

Falling ROE = more job cuts in higher cost areas (except the execs of course!) Suggestion: Terminate all DEI hires and their managers. Asset management is about skills and NOT "diversity".

JT… "we've spent an incredible amount of effort this year working the year-over-year expense growth rates down. And you go back to 2022 and printing a 9% growth. Coming into this year, we knew we had to do better than that, and we've been grinding... — read more 

ROE fell from 15.7% in Q2 2022 to 11.6% in Q3 2023. ROE has fallen for 5 quarters. ROE declines signal layoffs because labor costs are the biggest variable expense.

This would be a good opportunity to try something new.

23 years of "buy & hold" = zero capital gains. Without stock buy-backs the price would be lower I like stocks with "wide moats" not stocks drowning in shallow moats they can not escape from!

Whats the real reason? Real estate? Attrition needs? Competitors maybe doing it but its not working for them either.

There have been no public pronouncements — no cost-cutting program nicknames like 2017’s “Value for Spend” — but Northern Trust so far this year is eliminating more jobs than it has in any single year in recent... — read more 

1600 layoffs announced today

How many were cut?

This place is changing rapidly and not for the good and earnings just were awful vs competitors. Think a big bank picks us up on the cheap ie US Trust decades ago?

In the realm of stocks, a tale unfolds, Of NTRS, once vibrant, now feeling the cold. Its price, a star that once brightly shone, Now struggling, faltering, feeling alone. Investors hoped for gains, their dreams set high, But alas, NTRS... — read more