Chicago-based Northern Trust is on track to lay off about 900 workers by the end of the year, the company confirmed Tuesday.
The cuts will affect employees “in all areas of the company and all locations,” company spokesperson Doug Holt told the Tribune.
In January, the financial services company said in an earnings call it planned to cut between 300 and 400 jobs. On an earnings call last week, Chief Financial Officer Jason Tyler said about 600 additional jobs would be affected.
Most of the layoffs have already taken place, Holt said. Northern Trust has 23,500 employees. The company did not say how many of those laid off were based in Chicago, but said its area workforce remains at more than 6,500.
The company logged $38.7 million in pretax severance charges during the second quarter this year, following $32 million in severance charges reported in January.
“We continue to selectively add staff,” Holt said in a statement. “We’re prioritizing projects and bringing in resources where necessary to minimize risk and accelerate new business growth.”
On the earnings call last week, Tyler said the company had “pulled a lot of levers in the quarter to flatten compensation, including accelerating and close to completing the actions that we launched in fourth quarter of last year.”
Northern Trust reported net income of $331.8 million in the second quarter, a decrease from $334.6 million the prior quarter.
In 2021, the company cut 500 jobs, citing “market conditions.” The company also reduced bonuses for remaining employees at the time.
The most recent jobs cuts were first reported by Crain’s Chicago Business.
