The MSCI ESG Investor Snapshot on NTRS, dated May 31, 2022, noted Northern Trust client lawsuits under the category of Recent ESG Controversies. Client lawsuits raise the question of whether NTRS Governance standards & practices fully meet legal... — read more
www.Execpay.org reports "Top executives at Northern Trust received an average $5M per person in annual compensation from 2006 to 2021". 2012-2021 NTRS Exec Pay of $295 million exceeded the $250 million "Value for Spend" plan. From an ESG... — read more
...But independent committees would limit insider trading & exec pay :-((( on B3 "The company appears to lack independent pay and audit committees, which could indicate potential gaps in management oversight. Further, some non-executive board... — read more
Insiders avoided $9 million in losses by selling ahead of the 2022 decline. "Our core principles —Service, Expertise, Integrity (& insider trading) — have remained constant since our... — read more
"The boss of Chicago's largest locally headquartered bank cashed out more options in May and December than the number of shares he currently owns." December 13, 2021... — read more
NT India has 5600+ jobs. How many jobs in Chicago? About 4000-5000?
NTRS close on June 17, 2022: $91.68 NTRS close on June 9, 2017: $91.75 More sales and profit would help...but growth is slowing so that leaves layoffs
Brennan Hawken forecasts bank layoffs coming. Is it just a coincidence that he covers NTRS for UBS? June 1. https://www.businessinsider.com/wall-street-hiring-freeze-layoffs-investment-banks
Layoffs typically increase as ROE trends downwards. And falling asset prices cause variable fees to fall. So, does the 2022 bear market point to NT layoffs? What is the correlation? The NTRS Q1 2022 ROE of 14.2% was in line with the target range... — read more
ESG gurus just banned Tesla for not being ESG enough while Exxon is OK. WTF! NT is very exposed to ESG indexing... but when investors realize that ESG is leftist BS they may exit these strategies. They should. NT does not have the economies of... — read more
Ken Griffin expressed concerns in an interview with Bloomberg News. “We’re getting to the point that if things don’t change, we’re gone,” Griffin told Bloomberg. “Things aren’t changing.” The Citadel concern is shared by many IL companies -- costs... — read more
Starting a job with NT next month and they’ve asked me to bring proof of vaccination. I have the first dose but have not gotten either of the boosters. Can anyone tell me what Northern Trust requires as far as vaccination goes?
Page 61 of the 2022 proxy statement says the 2021 annual total compensation of the median employee was $72,300. Does median include all offshore staff? "Our median employee was identified as of October 1, 2020, using the total cash... — read more
"Severance benefits that include: a lump sum payment of two weeks of base salary for each year of completed service up to but less than 25 years, or 52 weeks of base salary for 25 years or more of completed service to us; and a COBRA subsidy... — read more
INTERESTING! See here: https://www.sec.gov/Archives/edgar/data/73124/000119312509087113/dex10iv.htm
"The Northern Operating Services Private Limited (NOSPL) was launched by Northern Trust in Bengaluru and Pune in 2005 and 2016 respectively. NOSPL combines the Northern Trust heritage of market-leading products and services with a highly dedicated... — read more
When the canary leaves or dies, it's time to evacuate before you become the next victim.
NT CEO "RW" warned you in 2010 that IL. was broke as part of a campaign to save the Illinois economy. Did anyone listen? Not many, which is why jobs offshoring is now the... — read more
Hiring activity across global in-house centers in India is expected to post 31% growth in 2022 as compared to 27% growth in 2021. 2022 Hiring is expected to see 31% growth across seven key sectors - automotive, BFSI, global in-house centers, heavy... — read more
Indian wages are about 1/10th US wages. This makes offshoring more very attractive. The Indian rupiah has lost almost half its value vs. the USD since 2007 and now trades at almost 77 to one $USD. $US is also very strong against Euro and Yen...so... — read more
Financial analysts at NT Bangalore report on Glassdoor that annual compensation averages 335,000 indian rupees ($US 4,400). This is less than 10% of comparable Chicago wages. NT can hire 5 Bangalore analysts for each Chicago layoff and still cut comp... — read more
Lot of talk about layoffs but global jobs rose 4.5% annually since 2010, from 12,800 to 21,100. Many layoffs have occurred in high-cost Chicago but global jobs are up 8300 over 11 years.
SEC FORM 10-K For the fiscal year ended December 31, 2021 Page 15. "Northern Trust employed approximately 21,100 full-time equivalent staff members as of December 31, 2021. The regional breakout of our workforce is 43% North America, 39%... — read more
Source: NTRS Q3 2017 Earnings Call October 18, 2017 (BB speaking) “Now turning to Page 10, as Rick previewed, we would like to spend some time today walking you through a focused expense management initiative that we have launched this quarter which... — read more
Q4 2021 Results - Earnings Call Transcript. January 20, 2022 Page 7. ..."the current quarter included $9.5 million in charges related to severance and a pension settlement, while the prior quarter included a $6.9 million pension settlement charge. ... — read more
March 15, 2022 https://www.chicagobusiness.com/finance-banking/northern-trusts-layoffs-last-year-hit-us-harder-elsewhere-globally
March 28, 2022 01:38 PM 19 Pay for NT CEO O'Grady jumps 33% Direct compensation for Michael O'Grady was $12 million in cash and stock, up from $9 million in 2020—for a year that began with layoffs and surviving workers being asked to tighten their... — read more
The WFH era for US employees is now threatened by increased offshoring to cut US costs and to follow managers that are offshoring as fast as possible. NT has offices in about 20 US states but already has a network of 11 offices across Asia-Pacific... — read more
What have people been hearing? Any validity to the rumors?
I've been in some initial discussions with Northern Trust. Is it a good place to work? Any long-term flexible work arrangements for some roles?
It has begun.
Long before the Pandemic Northern Trust regularly lays off employees especially those who are close to retirement so they don't have to pay any retirement benefits. Don't bank with anyone before finding out how they treat their employees.
The days of ethical practices at Northern Trust are long gone. Today it’s a pit of vipers stabbing each other in the front and the back. I truly feel for those few good souls left standing while Mike O’Grady engineers the sale of the company... — read more
I have a good friend who was recently laid off after many years and multiple promotions. This is a "good old boys club" and layoffs are not being done with any attempt at fairness - it's who you know and who will cover for you. Also many new "sharks"... — read more
Go figure how to save 250 million. Cutting resources. It's happening right now. 2018 will be even worse. See This:... — read more
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... — read more
Do you have any updates about rumors on Layoffs for NT for June and July 2017. What's the likelihood they will have job cuts again and if you know, I know it's just a rumor for now until it's published, what levels will be affected. How about... — read more