Retirement Layoffs & Lawsuits
Welcome to this week's News Brief, a roundup of some of Ignites' top stories of the past week.
TIAA?recently laid off several employees in its retirement division, Ignites'?Beagan Wilcox Volz?reported. The firm is cutting costs to "maximize amounts shared with participants," a company spokesperson said. Globally, the firm has more than 16,000 staffers.
In other news, the Supreme Court heard?arguments?last week involving?Cornell University's use of outside vendors in its retirement plan. In 2016, former plan participants sued the university, alleging that plan fiduciaries improperly retained recordkeeping services from a third-party recordkeeper that packed the plan with costly products,?Sabrina Kharrazi?reported.
Cornell's lawyer argued last week that siding with the plaintiffs could lead to "meritless" litigation. During the oral arguments, two justices discussed potential guardrails that could be put in place to prevent the influx of "bare bones" complaints that don't include allegations of legitimate wrongdoing.
Also last week, Commissioner?Mark Uyeda?was?appointed?interim chair of the?Securities and Exchange Commission. He will head up the regulator until a permanent chair is sworn in. President?Donald Trump?has nominated?Paul Atkins?for the role. Trump also last week?ordered?federal agencies to freeze any rules that had been finalized but not published in the Federal Register. He also gave them permission to postpone any rules that had been finalized, but not yet implemented. Several high-profile rules like the Name Rules amendments, liquidity disclosures and the securities-lending rule could be on the chopping block,?David Isenberg?reported.
Inside the Wrapper
Join us on Thursday, Jan. 30, for our next?webcast, "Inside the Wrapper: How Shops Are Responding to Demand for Private Credit." As interest in private credit surges, shops are exploring ways to offer retail investors access. Panelists from?Calamos?and?Broadridge?will discuss investor appetite for private credit, the vehicles that provide access, and budding partnerships between asset managers and private-credit firms.?Register here.
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Northern Trust's technology investments have helped the firm reduce headcount in its asset-servicing division, executives?said?last week. "Many of the resilience initiatives have also resulted in significant savings, particularly from automation and digitization," the firm's chief executive said during a call with analysts. Firmwide, Northern Trust had 23,300 full-time workers as of the end of 2024,?Sean Teehan?reported.
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