Northern Trust Corp. said Tuesday it received a branch license in Beijing, allowing the bank and asset manager to directly provide client services from that office rather than from a representative office in Singapore or Hong Kong.
Northern Trust
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ShoreBank’s buyer lays off 60 employees
An exterior view of ShoreBank at 3401 S. King Drive on the South Side, May 18, 2010. (Chris Walker/Chicago Tribune)
The company that bought ShoreBank has cut about 60 of the more than 300 positions at the recently failed South Side lender.
Urban Partnership Bank, the newly formed group that on Aug. 20 acquired ShoreBank through a deal brokered by the Federal Deposit Insurance Corp., said the job cuts were “a difficult decision.”
But “a smaller workforce is needed going forward in order for Urban Partnership Bank to continue the mission and to be a strong, sustainable player in our communities,” said Brian Berg, spokesman for Urban Partnership Bank. Get the full story »
Urban Partnership Bank names board
Urban Partnership Bank, the newly formed group that last week bought failed Chicago-based ShoreBank, has named five-people to its board of directors.
It includes three former First Chicago executives who had joined ShoreBank in recent months during its last-ditch and ultimately unsuccessful effort to raise capital so state and federal regulators wouldn’t seize it.
Those are David Vitale, who, as previously reported, will serve as chairman; William Farrow, who, as reported, will be president and chief executive officer; and Eileen Kennedy, another former First Chicago executive who had joined ShoreBank in recent months. Get the full story »
HSBC may be pursuing bid for Northern Trust
HSBC is in focus after the Telegraph reported on renewed speculation that the bank is preparing a $15 billion bid for Chicago-based Northern Trust. Sources said the UK bank asked Goldman Sachs to advise it on a possible $65-a-share offer.
Northern Trust CIO: ‘We’re decidedly neutral’
Northern Trust Chief Investment Officer Bob Browne said in an interview with Steve Forbes that he’s still investing in high-yield bonds and anchoring investments with gold.
He said he’s surprised by people who have very strongly-held views about the direction of the market at this point in time. “We’re decisively neutral,” he said. “We think it can go either way and we’re placing a lot of value on liquidity and flexibility.”
Northern Trust profit, revenue fall
Northern Trust Corp posted higher-than-expected second-quarter profit as servicing fees and foreign exchange income increased from the first quarter. Chicago-based Northern Trust, whose services include asset management and record-keeping, reported a profit of $199.6 million, or 82 cents per share, down from $314.2 million, or 95 cents, a year earlier.
