A $1.01T-AUM Firm's Parent Trims 500
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Tuesday, January 19, 2021

A $1.01T-AUM Firm's Parent Trims 500

A $1.01-trillion-AUM asset manager's publicly traded parent is slimming down a bit, but it's not clear how the cuts are affecting the asset manager.

Earlier this month, Chicago-based Northern Trust laid off people "across the enterprise globally," company spokesman Doug Holt confirmed. Holt declined to comment on how many of those cuts, if any, came from Northern Trust Asset Management [profile].

"Given current market conditions, we are compelled to make a number of difficult staffing decisions," Holt told MFWire in an emailed statement. "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."

Last week, Wolf Street reported that Northern Trust's chairman and CEO Mike O'Grady sent a memo on January 7 regarding the layoffs, which it described as amounting to 2.5 percent of the company's staff. The publication also reported that O'Grady revealed meaningful bonus cuts, "very modest" pay increases, and no increases at all for many employees.

Northern Trust's Holt declined to comment on the bonus cuts and the pay increases, or on how they'll affect employees on the asset management side of the business.

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