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Northern Trust Corp., which caters to wealthy consumers, said it’s beginning to see more demand for mortgages as housing prices firm up.
“The mortgage pipeline is beginning to fill up,” Chief Executive Frederick Waddell told reporters Tuesday after his Chicago-based bank’s annual shareholder meeting. “There’s more interest in housing,” including refinancings. Get the full story »
Northern Trust's headquarters on La Salle. (Jason Wabsgams/Chicago Tribune)
Financial services company Northern Trust Corp. reported a decline in quarterly profit as low interest rates weighed on securities lending revenue.
Net income slipped to $151 million, or 61 cents a share, from $157.2 million, or 64 cents, a year earlier. Get the full story »
Fears of inflation and a spike in oil prices are causing institutional investment managers to become more risk-averse, according to a survey of institutional managers by Northern Trust Global Advisors. Get the full story »
Chicago-based Northern Trust Corp. has agreed to buy hedge fund manager Citadel LLC’s fund administration business, Omnium LLC, a person familiar with the situation said Thursday. The value of the deal was not known. Get the full story »
The National Association for Female Executives named seven Illinois companies among its Top 50 companies for executive women.
Abbott of North Chicago and Kraft of Northfield were among the Top 10. Five others made the Top 50: Allstate Insurance of Northbrook; HSBC North America of Mettawa; McDonald’s Corp. of Oak Brook; Northern Trust of Chicago; and State Farm Insurance of Bloomington. Get the full story »
Crain’s Chicago Business | Frederick Waddell, chairman and chief executive of Northern Trust Co., received $12.8 million in total compensation last year, according a proxy filing with the Securities and Exchange Commission. The 8 percent increase, attributed largely to pension contributions, comes as the bank’s performance lagged that of its peers.
Attention, beleaguered savers: Banks across the nation, including Bank of America Corp., Citigroup Inc. and Northern Trust Corp., are bumping up rates on longer-term certificates of deposit.
In general, rates had fallen since the financial crisis. “Last week was the first broad-based move higher in quite some time,” says Greg McBride, senior financial analyst at Bankrate.com. Get the full story »
Bank of Ireland announced plans Thursday to sell its fund administration business, the Bank of Ireland Securities Services, to Northern Trust Corp. for up to 60 million euros ($82.53 million) to boost its capital levels.
Stock in Northern Trust closed at $52.14, down 26 cents.
Northern Trust Corp. Chief Executive Rick Waddell said last week that during the early days of the 2008 financial crisis, his Chicago-based company’s main bank branch alone took in $90 million a day in deposits, up from an average of $2 million a day. Get the full story »
The chief executive of Northern Trust Corp., which has been mentioned as a possible takeover target, said chances are “quite good” that Chicago’s biggest locally headquartered bank will remain independent.
Speaking Tuesday before the CFA Society at the Standard Club in Chicago, CEO Frederick Waddell fielded a question from the audience about whether the company might be an acquisition target. Through much of 2010, its stock underperformed and its key U.S. rivals dwarf Northern in a major business segment. Get the full story »
Northern Trust Corp., which last month launched a practice catering to the lesbian, gay, bisexual and transgender community, will be the lead corporate sponsor for the “Out in Chicago” exhibition opening May 21 at the Chicago History Museum.
The museum has shown a lecture series focusing on LGBT issues annually for the past eight years, but said this year will mark “the first time that a mainstream urban history museum exhibition” examines the LGBT community.
The exhibit, which runs through early 2012, features several themes, including the stories of gay Chicagoans, past and present, the building of families and homes, the evolution of communities and city neighborhoods and political activism. Get the full story »
The chief executive of Chicago’s biggest homegrown bank says the city’s business community expected the state to hike taxes, but that the Illinois legislature needs to also quickly address spending that’s contributing to deep budget deficits.
Illinois’ corporate income tax rate recently rose from 4.8 percent to 7 percent. Earlier this week Northern Trust Corp. said it expects the tax hike to reduce its earnings by about $4 million a year. Get the full story »
On the heels of disappointing fourth-quarter earnings that drove its stock down 5.7 percent Wednesday, Northern Trust Corp., Chicago’s biggest locally headquartered bank, said the recently announced hike on Illinois business taxes will reduce its profits by an estimated $4 million a year starting in 2012.
“If it doesn’t get vetoed, and we don’t think it will,” Northern Chief Financial Officer William Morrison said during an hour-long conference call to discuss fourth quarter results. Get the full story »
From Crain’s Chicago Business | Red Sea Group, an Israeli real estate firm, has acquired a former Northern Trust check-processing plant in the South Loop with plans to spend about $200 million to convert the eight-story building at 840 S. Canal into one of the city’s biggest data centers. Get the fully story>>
Chicago-based Northern Trust said Tuesday it has formalized a practice that provides financial services to the lesbian, gay, bisexual and transgender (LGBT) community.
Over the years, Northern has supported various LGBT initiatives, including the building campaign for the Center on Halsted, a LGBT community center. It is a national sponsor of Lambda Legal, a national group focused on legal issues for LGBT people. Northern also began offering domestic partnership benefits to workers more than 13 years ago.
John McGowan has been named Northern’s national practice leader. He previously served as a senior relationship manager in Northern Trust’s wealth management group, which specializes on ultra high-net worth families and their family offices. Get the full story »
