Northern Trust layoffs, on the record
Every job cut, severance charge and restructuring Northern Trust reported in its annual reports, 2023 to 2025, quoted from the filings. Headcount went from approximately 23,100 to approximately 23,800.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2023 | approximately 23,100 | December 31, 2023 |
| 10-K for 2024 | approximately 23,300 | December 31, 2024 |
| 10-K for 2025 | approximately 23,800 | December 31, 2025 |
Job cuts, severance and restructuring
Our summaryNorthern Trust recorded severance-related charges, which rose from the prior year.
Word for word“Severance-related charges were $36.7 million in 2023 as compared to $30.4 million in 2022.” 10-K for 2023
Our summaryFull-time equivalent headcount fell by about 2 percent during the year.
Word for word“Full-time equivalent employees totaled approximately 23,100 at December 31, 2023, down 2% from approximately 23,600 at December 31, 2022.” 10-K for 2023
Our summarySeverance-related charges were recorded in Compensation expense, which rose in 2024 mainly because of these charges.
Word for word“Severance-related charges were $81.8 million in 2024 as compared to $36.7 million in 2023.” 10-K for 2024
Our summaryNorthern Trust recorded a severance-related charge in 2025 noninterest expense, with comparable severance charges in 2024 and 2023.
Word for word“(3) 2025 Noninterest Expense includes a $58.8 million severance-related charge and a $15.9 million release of the Federal Deposit Insurance Corporation (FDIC) special assessment reserve, including a $9.5 million released during the fourth quarter.” 10-K for 2025
| Fiscal year ended | Severance costs |
|---|---|
| 2024-12-31 | $85.2 million |
| 2025-12-31 | $58.8 million |
Northern Trust has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Northern Trust’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2026-02-24. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.