Northern Trust (NTRS) says it will announce plans to cut costs early next year, anticipated to...

|About: Northern Trust Corporation (NTRS)|By:, SA News Editor

Northern Trust (NTRS) says it will announce plans to cut costs early next year, anticipated to include a round of job layoffs. As a bank specializing in trust services, low interest rates have cut sharply into the bank's ROE - 8.8% for H1 compared to 13%-15% in healthier times. CEO Rick Waddell says Northern is adding clients, but concedes low rates will stay for at least another two years.