Financial Services Industry
Industry: Email Alert RSS FeedNorthern Trust will bounce back.
Financial News, January, 2002
George W Bush choked on a pretzel and fell off his chair, but at least the mild embarrassment he suffered managed to divert media attention from his looming difficulties over his government's relationship with Enron, the failed energy trading company. Dubya is in good company, however: one of the most respected American bank chairmen, Bill Osborn of Northern Trust, has had to come clean and admit that the bank is going to lose quite a lot of money with the collapse of Enron. The bill in the fourth quarter was $45m (E50.4m), which took all the shine off the bank's results.
Fortunately, there are no reports of Osborn failing to swallow his TV snacks correctly. The Enron losses, while surprising for a bank that is meant to focus on private clients and...
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