Northern Trust

  www.northerntrust.com
  www.northerntrust.com

Northern Trust Reviews

Updated November 1, 2014
Updated November 1, 2014
527 Reviews
3.4
527 Reviews
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Northern Trust President, CEO, and Director, Northern Trust Corporation and Northern Trust Company Rick Waddell
Rick Waddell
304 Ratings

Review Highlights

Pros
  • Great place to work & great work life balance; especially during the tax season (in 120 reviews)

  • Decent work -life balance, good work environment and a good salary for a start (in 32 reviews)


Cons
  • Lack of effective work-life balance despite the fact that Northern says they promote the issue (in 12 reviews)

  • management in some divisions punishes employees for voicing concerns to senior management (in 18 reviews)

More Highlights

82 Employee Reviews Back to all reviews

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  1.  

    Awful

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - IT Project Manager in Chicago, IL
    Former Employee - IT Project Manager in Chicago, IL

    I worked at Northern Trust full-time (more than 3 years)

    Pros

    - It's next to impossible to get fired.
    - If you're already established, low output requirements for decent pay

    Cons

    - Low pay for young people
    - Low mobility
    - Hypocritical pay for management
    - If you start low, it takes years of "market adjustments" to get you where you should be (raises capped at 10% of current pay, even if you're below market)

    Advice to ManagementAdvice

    You already know this, but start focusing more on your top tier young talent - no one wants to work for you past three years.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  2. 3 people found this helpful  

    Chicago HQ did not support Northern California in terms of resources to expand relationships.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Vice President
    Former Employee - Vice President

    I worked at Northern Trust full-time (more than 8 years)

    Pros

    Bank has a long history of custody and investment management services, beginning in 1889. Company values work-life balance and confidentiality of client business.

    Cons

    Employees do not receive good training so reliance was based upon prior experience only. Resources to expand in selected regions outside of Chicago were not available. Expansion of target markets was taken only after years of research. Chicago HQ did not value relationship banking and did not provide resources, both dollars and technology to support growth.

    Advice to ManagementAdvice

    Better training, higher compensation, and resources to support business development goals are necessary to meet objectives.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  3. 2 people found this helpful  

    Many of the very good and supportive managers don't exist anymore.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Northern Trust

    Pros

    Family work life balance and training provided.

    Cons

    Too many layers of management and unhappy workers within operations. Even management is unhappy and not great leaders. Many displays of favoritism and limited career growth to utilize education and work experience. Management only take cares of their favorite people and opportunities are not fairly given to each employee.

    Advice to ManagementAdvice

    Please display fairness to all employees regarding promotion and work distribution.

    Doesn't Recommend
    Positive Outlook
    Approves of CEO
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  5. 7 people found this helpful  

    Right place, wrong century.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Senior Vice President in Chicago, IL
    Former Employee - Senior Vice President in Chicago, IL

    I worked at Northern Trust full-time (more than 10 years)

    Pros

    Nice people, highly moral organization, great community involvement, people happy to mentor, many long tenured employees.

    Cons

    Two classes of employees, those that have been around 20+ years and everyone else. Non-competitive from a comp standpoint, very average benefits and continuously getting less generous. Been in a cost cutting mode for years, especially in areas like banking and traditional custody business. Very set in its ways, constant movement of senior management means nobody is in a position long enough to be measured or accountable. Log jam of long tenured people in management makes it almost impossible to move up in certain areas of the bank. Many of the employees have given up trying, they simply do the minimum required and the organization seems ok with it. People aren't honest, not because they are liars but because they don't want to hurt feelings or upset anyone.

    Advice to ManagementAdvice

    You can probably turn the risk tolerance up a couple of notches and still be the most conservative bank in the country. HFS is a negative operating leverage loser, you are cutting other profitable areas of the bank to the bone to fund this business and to what end? Pay more attention to the people that are going to be the future of the bank. These people aren't happy and are leaving in bunches.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  6. 1 person found this helpful  

    Could be better but its not

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Consultant in Chicago, IL
    Current Employee - Consultant in Chicago, IL

    I have been working at Northern Trust full-time (more than 3 years)

    Pros

    benefits are good but when you have no money to go places its irrelevant

    Cons

    pay can be much better- better off leaving NT then coming back

    Recommends
    Neutral Outlook
    Approves of CEO
  7. 3 people found this helpful  

    Frustrating

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Account Manager in Chicago, IL
    Current Employee - Account Manager in Chicago, IL

    I have been working at Northern Trust full-time (more than 5 years)

    Pros

    Stability, Opportunity for some, time-off for some

    Cons

    Company rewards the wrong people in my experience, management, pay, poor training

    Advice to ManagementAdvice

    Train managers and have less of them

    Recommends
    Neutral Outlook
    No opinion of CEO
  8. 3 people found this helpful  

    Struggling and failing to adapt

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Vice President in Chicago, IL
    Current Employee - Vice President in Chicago, IL

    I have been working at Northern Trust full-time (more than 8 years)

    Pros

    Work-life balance, not very demanding, ancient computer systems are finally starting to be addressed, good reputation even though it's based on staying out of trouble which is easy to do if you don't do much

    Cons

    Terrible management - just had another round of musical chairs guaranteeing that they don't know how to do their jobs, coasting on past, extremely political, expect to grow sales while cutting staff, no opportunity for advancement, low comp relative to the market and getting worse

    Advice to ManagementAdvice

    Thin out the incredibly top-heavy layers of management that have no accountability and do not add to the bottom line

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  9. 8 people found this helpful  

    Rec and Control. Awful group. Awful hours. Get in your silo and keep your mouth shut.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Hedge Fund Operations Consultant in Chicago, IL
    Former Employee - Hedge Fund Operations Consultant in Chicago, IL

    I worked at Northern Trust full-time (more than an year)

    Pros

    Compensation is decent based on industry standards. The insurance benefits are decent but still run $500 for family BCBS. Training is available, if you ever have a desire to spend time at work beyond the 10-12 hour work days. Good opportunity if you're looking to add a high volume administrator to your professional experience.

    Cons

    Hedge Fund Services has carried on Citadel's work culture. If you're not Citadel / Omnium legacy, your chances of inner-department promotion are low. Management does not care about your home work life balance. You will work 10-12 hours a day in this group without blinking. The department is full of 20somethings that live walking distance to the office, and drink away their troubles together late into the night. If you have a family or do not live in the city, you should think twice about taking a role in this department. You will not get home before 8pm most nights. There are very few actual perks to this job. The office is sparsely appointed for employee comfort. Promotional opportunities usually require a transfer to a different group. 100% Silo work. Extremely high turnover, and you will be expected to pick up the slack.

    Advice to ManagementAdvice

    Consider giving a crap about your employees. What kind of company has just 1 coffee machine and 1 fridge for a floor of over 200 employees? You aren't Citadel, no matter how much you want to be. Consider adopting the rest of Northern Trust's employee culture.

    Doesn't Recommend
    Positive Outlook
  10. 4 people found this helpful  

    Painfully political

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Northern Trust full-time (more than 8 years)

    Pros

    Job stability - many people have worked all their adult lives at this company.

    Cons

    No effort is ever good enough. Salaries are lower than other companies, and raises are meted out in pennies. Politics is ridiculously out of control, and the only criteria for advancement. Diversity is a catch phrase, but the reality is a work environment that is highly discriminatory and condescending in Northern's treatment of lower level women, older people. Token diversity is rampant, which is just as insulting as overt racism. The atmosphere is cold, stiff, intolerant, and non-inclusive. Lots of blame throwing. Life long employees are celebrated dead weight who spend more time working the system than adding productive value or ideas. People do not smile much in this region.

    Advice to ManagementAdvice

    I remember once meeting Rick Waddell, who did not say one word but looked at me like I was beneath him and walked away. That said it all.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  11. 1 person found this helpful  

    Steady Bank with limited opportunity to grow

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Northern Trust full-time (more than 5 years)

    Pros

    Very stable. Good benefits: 401k matching, pension, HSA contribution, good dental and vision coverage. Executives are very open/approachable.

    Cons

    Training is non existent but where it exists it is very basic. Majority of people working there just want to do the minimum to get by. There are a few who care, and they are worked to death since they are the only ones who can get the job done. Promotions depend more on department than quality of work.

    Doesn't Recommend
    Negative Outlook
    Approves of CEO

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