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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 »
Many children of the super-wealthy shouldn’t be counting on getting an inheritance. In a nationwide survey of 457 adults with at least $3 million in investable assets, U.S. Trust found that only 49 percent said that “leaving a financial inheritance is personally important.” Get the full story »
Federal Reserve Bank of Chicago President Charles Evans on Friday said investors may still expect ailing financial institutions to be bailed out by governments despite reforms aimed at reversing market psychology. Get the full story »
Bank of America posted a 37.5 percent decline in first-quarter earnings Friday and named a new chief financial officer. Get the full story »
The Securities and Exchange Commission is in talks with major Wall Street banks to settle fraud allegations relating to the sale of toxic mortgage bonds to various investors that helped unleash the financial crisis, the Wall Street Journal reported, citing sources familiar with the matter. Get the full story »
Lake Forest-based Wintrust Financial Corp., which operates 15 community banks in the Chicago and Milwaukee areas, said its mortgage unit has acquired certain assets and liabilities of River City Mortgage LLC. Get the full story »
Major U.S. banks and thrifts filed foreclosures with improper documentation and lacked sufficient staff to properly handle distressed borrowers, federal bank regulators said Wednesday as they ordered lenders to overhaul their foreclosure processes. Get the full story »
Sen. Dick Durbin, left, has criticized JPMorgan Chase CEO Jamie Dimon for his bank's swipe fees, among other issues. (Michael Tercha/Chicago Tribune; Bloomberg News)
JPMorgan Chase CEO Jamie Dimon, who is critical of a key provision in the financial reform law, has been taken to task by U.S. Sen. Dick Durbin (D.-Ill.) in a scathing letter.
“There is no need for you to threaten your customers with higher fees when you and your bank are already making money hand-over-fist,” Durbin wrote to Dimon about the threat of higher debit card fees. “And there is no need to make such threats in response to reform that simply tries to spare consumers from bearing the cost of interchange fees that are anticompetitive and unreasonably high.” 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 »
Customers use Chase Bank ATMs on March 17, 2011 in Chicago. (Scott Olson/Getty Images)
JPMorgan Chase & Co.’s first-quarter profit jumped 67 percent as it set aside less for potential loan losses and revenue fell less than expected.
The first big bank reporting results this quarter, JPMorgan has seen earnings surge in recent quarters, largely because improving asset quality has led it to set aside less to cover loan losses. It has said loans are growing, and in the fourth quarter saw revenue climb from year-earlier levels at operations tied to both Wall Street and Main Street. Get the full story »
Representatives of the Small Business Administration plan a free-one day forum in Chicago Friday to discuss opportunities for business owners and entrepreneurs as a result of the Small Business Jobs Act. Get the full story »
First Chicago Bank & Trust, which has been operating under regulatory scrutiny for more than a year, is “significantly undercapitalized” and has until early June to raise enough money to be considered “adequately capitalized,” according to an April 7 agreement between the Federal Reserve and the $1.02 billion-asset institution. Get the full story »
Energy companies, airlines and other end-users would be mostly exempt from having to put up costly collateral when using uncleared swaps to hedge their business risks, under a proposal issued by U.S. bank regulators on Tuesday. Get the full story »
Federal regulators hit Community Bank of Oak Park River Forest for failing to comply with the federal Community Reinvestment Act. It received the CRA’s worst rating, “substantial non-compliance,” with the law that requires banks to lend and invest in low- and moderate-income neighborhoods. Get the full story
