Thread regarding Northern Trust Corp. layoffs

Did "Value For Spend" deliver results? Is "Value For Spend 2.0" Coming?

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 we refer to as value for spend. …
Turning to page 11, with our value for spend initiative, we will be focused on realigning our expense base in the short-term. Expenses throughout the company with a focus on non-client facing functions are under review. A portfolio of initiatives will support profitable growth by permanently taking expense out of our operating model.
Initiatives fall into three categories, organizational alignment, process optimization and strategic resourcing, strategic sourcing. We expect to realize $250 million and expense run rate savings by 2020. Our longer term goal is to sustain profitable growth. We are embedding new management discipline across the enterprise. Additionally, we will review an ongoing pipeline of cost savings initiatives.”

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Post ID: @OP+1gqSdiXB

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The CFO that pushed "value for spend" got paid $20 million from 2014-2018.

Was that "value for spend" ??

Post ID: @1uzu+1gqSdiXB

The Chicago Tribune reported on Oct 19, 2017 that:
Northern Trust has announced a plan to cut $250 million in costs by 2020, but bank officials won't say if the move will result in layoffs. On Wednesday, Northern executives unveiled "Value for Spend," a companywide expense management program aimed at reducing costs by reviewing the company's structure. Chief Financial Officer Biff Bowman said the bank may outsource services and consider new tools like artificial intelligence and robotics to increase efficiency and productivity."

How much "artificial intelligence and robotics" are you seeing at NT today? B3/B6 still look more like 1922 than 2022.

Post ID: @1tbf+1gqSdiXB

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