Northern Trust Slashes Miami Marketing Department As Part Of Corporate Cutbacks
Written by Shannon Pettypiece on June 26, 2003
By Shannon Pettypiece
Northern Trust has slashed its Miami marketing department, eliminating three full-time positions.
The bank will perform most of its marketing activities at its headquarters in Chicago and will have one employee handling marketing for Miami-Dade and Broward counties, said Doug Regan, Northern Trust’s Florida chairman.
"Northern is looking at ways to reduce our expenses and increase our revenues," Mr. Regan said. "We are consolidating our marketing groups and trying to provide a more consistent marketing brand throughout the country."
The company also eliminated some positions in Broward County.
The cuts were part of a corporate streamlining that eliminated 700 jobs, more than a dozen of them in Florida, Mr. Regan said.
Mr. Regan said the regional marketing representative will be in charge of adding "local flare" to national marketing campaigns but there will be no Miami-specific marketing.
Other banks in Miami have scaled back marketing efforts, but many have kept their marketing divisions in the state.
When Wachovia Bank merged with First Union in 2001, it consolidated First Union’s Miami marketing division with a statewide firm in Jacksonville that has about 10 employees, said Wachovia spokeswoman Mary Beth Navaro.
Fort Lauderdale-based BankAtlantic has increased its marketing division in the past year to 15 people – which Chairman Alan B. Levan said has been a profitable move.