Northern Trust Cutting 9% of Its Workforce
From Associated Press
Northern Trust Corp. said it was eliminating 700 jobs, or 9% of its workforce, as part of an effort to cut annual operating expenses by as much as $150 million.
Most of the layoffs were made this month, the Chicago-based company said.
Along with the elimination of 690 other jobs from the recent sale of assets from its retirement consulting branch, Northern Trust has now reduced its workforce by 15% this quarter, to less than 8,000 from 9,336 at the end of March.
Northern Trust is a multi-bank holding company that provides banking and trust services to the affluent and to financial institutions and corporations.
Its shares fell 75 cents to $38.68 on Nasdaq.
