Northern Trust to Join BNY Mellon, State Street in Job Cuts
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Northern Trust Corp., the third-largest independent U.S. custody bank, will eliminate about 700 jobs to join its biggest rivals Bank of New York Mellon Corp. and State Street Corp. in cutting costs as record-low interest rates hobble profit.
The move brings cutbacks made or planned by custody banks over the past 13 months to 4,450. BNY Mellon, the largest custody bank, said last year it would eliminate 1,500 positions, and State Street has planned 2,250 job cuts since November 2010.