The chief executive of Northern Trust Corp., which has been mentioned as a possible takeover target, said chances are “quite good” that Chicago’s biggest locally headquartered bank will remain independent.

Speaking Tuesday before the CFA Society at the Standard Club in Chicago, CEO Frederick Waddell fielded a question from the audience about whether the company might be an acquisition target. Through much of 2010, its stock underperformed and its key U.S. rivals dwarf Northern  in a major business segment. Get the full story »