Shares of Northern Trust
Corp fell by more than 9% to their lowest level in
nearly a month on Tuesday after the custodian and asset manager
forecast a bigger-than-expected drop in net interest income
.
Shares of Northern Trust Corp fell by more than 9% to their lowest level in nearly a month on Tuesday after the custodian and asset manager forecast a bigger-than-expected drop in net interest income (NII) in the third quarter. Northern Trust's NII, the difference between what it makes on loans and pays out on deposits, is likely to fall by as much as 10% this quarter, Chief Financial Officer Jason Tyler told the Barclays financial conference on Tuesday. Like many financial institutions in the current high interest rate environment, Northern Trust is confronting growing financing costs as tries to hold onto deposits.
Northern Trust Leaders to Participate in Barclays Global Financial Services Conference on September 12th tmcnet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tmcnet.com Daily Mail and Mail on Sunday newspapers.
Northern Trust Corporation announced today that Chief Financial Officer Jason Tyler and President of Asset Servicing Peter Cherecwich will participate in the Barclays Global Financial Services.
Chicago-based Northern Trust is on track to lay off about 900 workers by the end of the year, the company confirmed Tuesday. The cuts will affect employees “in all areas of the company and all locations,” company spokesperson Doug Holt told the Tribune. In January, the financial services company said in an earnings call it planned to cut between 300 and 400 jobs. On an earnings call last week, .