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 

...you know what this means...Get prepared

Bad news in Q1 Earnings report = layoffs ahead ROE fell to 12.4% Pre-tax income was down 2% sequentially and down 13% over the prior year. Trust, investment and other servicing fees were down 9% from last year Assets under custody and... — read more 

Leaving the company soon. Anyone know if theyll pay me my unused pto?

Been here just under 18 years. NT is nothing like it was over 25 years ago, layoffs every 1-2 years, they work with Boston Consulting Company, morale is awful and more cuts happening. I am in same boat as you, looking for an organization that is... — read more 

Things are not looking good at NT or the banking sector in general. I think we're headed towards another major round of cuts within a month or two at the latest. Usually, I wouldn't be that worried, I know my worth and I know what I can offer to... — read more 

Ok so the company I work for within this industry is FULL of non stop complaints, issues and frustrations of the company on this website. What’s the deal with NT? Why’s there no one complaining nonstop on here??? Do I work for the wrong company?... — read more 

Any word on bonus pools this year? In bad market years past it has not been pretty.

I currently work at BNY Mellon. Our CEO recently announced a change to the 401K plan. Currently our company match (max 7%) is implemented each pay period. Starting in 2023, the match will be paid at the end of the year (actually, three months after... — read more 

All asset based fees will be hit, which is a leading indicator of layoffs

Overemployed is a taking 2 remote full-time jobs to diversify income streams. https://overemployed.com/ https://www.reddit.com/r/overemployed I know people that have been doing this for years

Keep Jobs at home – Tell NT/B3 and politicians that >75% of bank jobs must stay in USA The automobile industry is required to have 75% domestic content under NAFTA. Should US-based banks also be required to keep 75% staff in the USA? (Yes) If... — read more 

According to PwC, a survey of 700 executives and board members from various industries conducted last month shows: Layoffs Definite Layoffs: 51% have started layoffs or are planning to start layoffs Potential Layoffs: An additional 19% are... — read more 

Quiet Quitting is the intentional employee dis-engagement from the workplace, doing the minimum to get by, lacking all enthusiasm for the company and its “mission”. U.S. employee engagement is falling, according to Gallup data, but Gen Z and... — read more