Chicago, Illinois-based Northern Trust, a financial services company servicing corporations, institutional investors, and high net worth individuals, has announced the layoff of 500 employees.
According to Northern Trust Chairman and CEO Mike O’Grady, the decision was driven by lower interest rates which reduced the company's 2020 earnings and will impact the profitability of 2021.
Speaking of the “the extremely difficult decision” to lay off “about 2.5% of our partners,” he remarked, "to create value now, and in the future, we must adapt and improve." The pain was not limited to layoffs as bonuses were capped, reduced, or eliminated.
According to a company spokesperson, “Given current market conditions, we are compelled to make a number of difficult staffing decisions. These decisions are designed to ensure our resources are being used in the most prudent manner to meet our clients’ needs and execute on our long-term strategic priorities. The reductions are global.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?