Northern Trust Corp. announced Monday that it will cut about 4% of its work force to offset damage from its recent support of money market funds.

The Chicago investment bank will eliminate about 450 positions and other costs, moves it said will result in $50 million to $60 million in annual pretax savings. But they will also result in a fourth-quarter charge of $20 million to $25 million, or 5 to 7 cents a share.

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