The days of ethical practices at Northern Trust are long gone. Today it’s a pit of vipers stabbing each other in the front and the back. I truly feel for those few good souls left standing while Mike O’Grady engineers the sale of the company. Surprise!
6 replies (most recent on top)
Northern has been on a decline for years. They have finally out lived the overrated perception of being a top company to work for. They were always known as one of the lowest paying company unless you were lucky enough to be a part of the “club”. You could never work hard enough, long enough to make decent money. So many people worked there 30 years and never made more than 20k more than when they started. Titles meant nothing. Everyone is a VP. To the outside world it means something but at Northern it’s just an cheap title. Like a car, everyone has one. I left years ago. My transition to healthcare was hard. I started at the bottom but a few years later I’m doing well. Get off that slave ship while you can still salvage your career.
The clock is ticking for the demise of the Northern “club”. Slim margins, nominal tech spend and, their focus on quietly divesting smaller accounts and trustee assignments. Name Northern in your estate plan, not have enough assets, Northern will resign. So much for “integrity” and peace of mind. Long time senior executives also buying multimillion dollar homes in Naples, FL. Reflect on what the top folks are doing, not saying.
It's truly a company on the decline. They no longer care about hard and dedicated workers who show up every day and care about the satisfaction of their clients. I worked there for 20 years, never called in sick in 15 years, worked through many lunches, came in on weekends when I didnt have to and put in countless hours of overtime. My reviews were always excellent. I was loyal and dedicated to them and they still let me go after the 20 years over a mistake I made 18 years ago. One of their competitors recently hired me even with that in my background. Northern could have kept me, but no they chose to stab a loyal employee in the back.
Heard through the grapevine that an entire back office division is getting the axe sometime soon – luckily I got out several months ago when the ship started to sink!
A Northern Trust merger with State Street?
And I thought it was just me! Right? Why else would the board choose O’Grady as CEO with his short tenure, but M&A background. I’ve been saying this for more than a year, but no one believes it. Surprise is right. Buy Northern Trust stock now.