(Reuters) - Northern Trust Corp said it plans to cut about 450 jobs in 2009, and take related charges.
The company, which provides private banking, investment management and global custody services, said it expects to take a pretax charge of about $20 million to $25 million, or 5 cents to 7 cents a share, in the fourth quarter related to the cuts and other costs.
Northern Trust is among the banks to have received funds under the U.S. Treasury Department's rescue package, which is intended to shore up balance sheets in response to the credit crisis.
The cuts are expected to generate about $50 million to $60 million in annual savings and will not impact client services, the bank said in a statement.
Financial services companies, including Bank of America Corp
(Reporting by Eric Yep in Bangalore; editing by John Stonestreet)
