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U.S. markets recover from steep losses
CHICAGO, Jan. 18 (UPI) -- U.S. custody bank Northern Trust Corp. said Wednesday it plans to eliminate 700 jobs through attrition in 2012 to trim operating costs.
In the bank's fourth quarter report, Northern Trust said it posted a net income of $130.2 million in the fourth quarter of 2011 compared to $157.1 million in the fourth quarter a year earlier.
"Our results for the fourth quarter and the full year ... were impacted by the difficult conditions in which we currently operate," said Chairman and Chief Operating Officer Frederick Waddell.
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