We knew this was coming, and finally it's here. Over 1,000 people will be laid off by Northern Trust in the following three years. Frankly, the way things have been going here for the last while, i'm surprised the number is not larger. Damn, it will s--- not knowing who is on the chopping block and who isn't for who knows how long.
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2500 jobs cut?
The "Value for Spend" cost savings target was $250 million. Assuming average total comp of $100,000, this suggests 2500 job cuts.
The jobs offshoring that happens every year was in addition to these USA job cuts
Like all banks they take the bailouts that our government gives them and still lay thousands of people off. They are nothing but crooks you are better off putting your money under your mattress.
Just an FYI, when they say 3 years, they mean 3 months. All corporations play games when it comes to layoffs, trying to minimize them, so they say things like it will happen over 3 years.
I also have seen that they lie about the numbers, especially when they're large like 1000 where people cannot easily track them. Who really knows if it was 1000 or 2000?
http://www.chicagobusiness.com/article/20171018/NEWS01/171019839/how-many-layoffs-and-where-northern-trust-unveils-cost-cuts