In Northern They Trust
February 28th, 2009
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CUSTOMERS, NOT TO MENTION SHAREHOLDERS, have deserted the nation’s most prominent banks, as losses mount, balance sheets crumble and some institutions make return trips to feed at the TARP trough. In Chicago, however, where Northern Trust has made its home for the past 120 years, the outlook is far more promising.
Yes, the bank, which specializes in trust services for wealthy individuals and custodial services for institutions, took about $1.6 billion from the government’s Troubled Asset Relief Program, partly to offset losses on securities lending. But its balance sheet is in better shape than most financial institutions.’ Its customer ranks are expanding, bolstered in part by some big client wins overseas. It has largely steered clear of housing finance, and fee income accounts for more than half of revenue, which totaled $4.2 billion last year.
According to CEO Frederick H. Waddell, half of the bank’s new business comes from existing clients. ”You take really good care of them, and News widgets and RSS feeds on Feedzilla.com
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