SBD/Issue 76/Sponsorships, Advertising & Marketing

Northern Trust To Reduce Entertainment Budget At PGA Event

Northern Trust Plans To Cut Entertainment
Budget This Year After Controversy In '09
Northern Trust, the U.S. bank that "sparked outrage by throwing lavish parties at a professional golf tournament shortly after receiving government bail-out funds, plans to cut its entertainment budget drastically" at its '10 event, according to Hal Weitzman of the FINANCIAL TIMES. The Chicago-based bank "came under fire in February when it laid on a series of soirees for guests" at the PGA Tour Northern Trust Open in L.A. -- "featuring performances by musical guests such as Sheryl Crow and Earth, Wind & Fire -- five months after accepting" $1.6B in TARP funds. Northern Trust President & CEO Rick Waddell said that the bank "will continue to fulfill its sponsorship obligations" this year, but in a "more humble manner." Waddell: "We're not having any live entertainment. It's going to be more of a traditional hospitality event. We've pared our budget back" (FINANCIAL TIMES, 12/31). A Northern Trust spokesperson "characterized the cuts in the event's entertainment budget as 'significant' but said the tournament itself 'continues to be an important part of Northern Trust's branding'" (CHICAGO TRIBUNE, 1/1).

Return to top
Video Powered By - Castfire CMS Powered By - Sitecore

Report a Bug