AM I NEXT? NO LOVE AT NORTHERN TRUST

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?

AM I NEXT? IS THE HANDWRITING ON THE WALL AT CXLOYALTY GLOBAL LOYALTY DIVISION

New York, New York-based JPMorgan Chase, a leading provider of banking and financial services, has announced the acquisition of the Global Loyalty Division of Stamford, Connecticut-based cxLoyalty Group Holdings, a provider of loyalty technology and programs.

The deal includes cxLoyalty's leading technology platforms, full-service travel agency, gift card, merchandise, and points bank businesses. The company will integrate the newly acquired operations into the bank's Chase credit cards program.

According to a company spokesperson, "People across the globe want to vacation and travel again, and hopefully, that will become a reality for many in the near future. Acquiring the travel and rewards businesses of cxLoyalty will provide enhanced experiences to our millions of Chase customers once they are ready, comfortable, and confident to travel.”

What this really means is that the bank can do deals with hotels, airlines, and major destination venues to provide exclusive deals to its cardholders.

Personnel disruptions are forecast as "just under half of cxLoyalty’s employees, including Chief Executive Officer Todd Siegel, will move to join J.P. Morgan." An estimated 3,100 employees will be transitioned, with the rest facing layoffs.

The joke going around JPMC is that employees will now receive bonus points instead of actual bonuses.

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?

AM I NEXT? NO LOVE AT RAYMOND JAMES

Saint Petersburg, Florida-based Raymond James, a financial services company providing advisory services, asset management, and investment banking services, has announced a reduction in force, approximately 500 employees, or 4% of the workforce.

According to Chairman and CEO, Paul Reilly, "Heading into 2020, we were focused on improving efficiencies to prepare for potential market turbulence and recessionary environments. We were not anticipating a pandemic and the corresponding economic conditions and rate cuts that effectively wiped out half our earnings."

"We understand what this means for those impacted and their families, and for almost all of us, it means parting ways with valued colleagues and friends. While 5 percent or higher job cuts may be an annual exercise at many firms, at Raymond James any reductions are rare and are never taken lightly.”

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?