Northern Trust Corp. said Tuesday that its first-quarter net income fell 58%, partly by comparison with a large, one-time gain a year earlier.

The Chicago banking company and asset manager also said it was continuing talks with the Federal Reserve about repaying the $1.6 billion it got from the Treasury Department's Troubled Asset Relief Program. Many companies, especially smaller banks, have been looking to pay back the money because of government restrictions on companies that take the Tarp funds.

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