Northern Trust (NTRS) announced Monday that it has named a former top official at the Federal Reserve Bank of Chicago as its chief economist.

Carl R. Tannenbaum succeeds Paul Kasriel, who retired from Northern Trust in April after 26 years with the Chicago bank

Tannenbaum, 52, will monitor economic and political developments and forecast major economic indicators. He will report to Mark J. Van Grinsven, Northern Trust's chief credit officer.

Since 2008, Tannenbaum served as head of the risk division at the Chicago Fed. There he managed a team that diagnosed financial risk, its implication for the broader economy and policy choices to address it. He was also head of the entire Federal Reserve System's risk group in Washington, D.C.

Prior to joining the Fed, Tannenbaum was the chief economist and head of balance sheet management at LaSalle Bank/ABN AMRO. LaSalle was acquired by Bank of America (BAC) in 2007.

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