AM I NEXT? NO LOVE AT NORTHERN TRUST

Chicago, Illinois-based Northern Trust, a financial services company servicing corporations, institutional investors, and high net worth individuals, has announced the layoff of 500 employees.

According to Northern Trust Chairman and CEO Mike O’Grady, the decision was driven by lower interest rates which reduced the company's 2020 earnings and will impact the profitability of 2021.

Speaking of the “the extremely difficult decision” to lay off “about 2.5% of our partners,” he remarked, "to create value now, and in the future, we must adapt and improve." The pain was not limited to layoffs as bonuses were capped, reduced, or eliminated.

According to a company spokesperson, “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.”

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT RAYMOND JAMES

Saint Petersburg, Florida-based Raymond James, a financial services company providing advisory services, asset management, and investment banking services, has announced a reduction in force, approximately 500 employees, or 4% of the workforce.

According to Chairman and CEO, Paul Reilly, "Heading into 2020, we were focused on improving efficiencies to prepare for potential market turbulence and recessionary environments. We were not anticipating a pandemic and the corresponding economic conditions and rate cuts that effectively wiped out half our earnings."

"We understand what this means for those impacted and their families, and for almost all of us, it means parting ways with valued colleagues and friends. While 5 percent or higher job cuts may be an annual exercise at many firms, at Raymond James any reductions are rare and are never taken lightly.”

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT STEELCASE (09/25/22)

SEPTEMBER 25, 2022 — 180 SALARIED POSITIONS AT RISK COMPANYWIDE.

According to Dave Sylvester, SVP and CFO, “In response to inflation and supply chain challenges throughout this year, we have been pulling back on our planned level of incremental spending while staying invested in our most critical strategic initiatives. Due to the recent volume decline in our incoming orders and lower than expected return-to-office trends in the Americas, we are planning to implement additional actions in the third quarter which target further reduction of our planned level of spending.

These actions target approximately $20M of annualized spending and are expected to include the elimination of up to 180 salaried positions across the Americas core business and Corporate functions."

SEPTEMBER 8, 2020 — Original post

Grand Rapids, Michigan-based Steelcase, a producer of office furniture and allied technology products, has announced a reduction in workforce plan that will impact approximately 300 salaried employees. The reduction is a mixture of early retirements, voluntary separations, and involuntary layoffs.

According to Steelcase President and CEO, Jim Keane, “Making these types of permanent reductions to our cost structure is something we hoped to avoid, but they became necessary as demand levels in the Americas have continued to reflect the impact of the COVID-19 pandemic. Throughout this crisis, our customers have sought us out for our research and knowledge, and our employees have served our customers while receiving significantly reduced pay. Our employees have been returning to our offices, where innovation efforts are ongoing and organizational energy is fully behind helping our customers transform their workplaces."

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?