Chicago spared Northern Trust’s ax

Crain’s Chicago Business | Feb 14, 2020 at 10:10 PM
  • More than two years ago, outgoing Northern Trust CEO Rick Waddell unveiled a $250 million cost-cutting campaign that raised fears the ax would fall on workers at Chicago’s largest locally headquartered bank.
  • Chicago at the end of 2019 accounted for 32 percent of Northern’s global workforce.
  • Northern never has been perceived on Wall Street as an eager cost-cutter, at least compared with its primary trust-bank rivals, Boston-based State Street and New York-based Bank of New York Mellon.