December 15, 2008

Northern Trust to cut about 450 jobs

Filed under: banking,Investment,US — DF @ 11:34 am
Tags: ,

According to Reuters: “Northern Trust Corp will cut about 450 jobs, or 3.7 percent of its work force, the U.S. trust bank and asset manager said on Monday, joining its rivals in shrinking staff due to tough market and economic conditions.”

1 Comment »

  1. Do not confuse layoffs with relocating. Yes Northern will let some 450 people go primarily from their London and Chicago offices. However, most of the services provided by these people will be reallocated to Bangalore, India where costs are far less expensive. On a monthly basis more and more important functions that are performed for custodial clients are executed from Bangalore. Most if not all major institutional custodial clients are unaware of this. Northern for whatever reason has sent important and sensitive work overseas in an effort to save money. In reality, and they will realize this in the long run, this is going to cost them dearly.

    Comment by Michael Kostner — January 12, 2009 @ 7:56 pm | Reply

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