Low Interest Rates Prompts Northern Trust to Layoff 500 Workers
Posted on 01/16/2021
Northern Trust Corporation revealed plans to layoff 500 employees globally and lower bonuses for remaining employees. Low interest rates have impacted the profitability of the bank. Northern Trust reported a net income of US$ 294.5 million in the third quarter, a decrease from the US$ 384.6 million during the same period in 2019.
As of September 30, 2021, Northern Trust had 20,700 employees.
“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,” Northern Trust said in a statement.