Northern Trust Corp. said second-quarter profit tumbled as a result of declines in fee revenue and some nonperforming loans.
Northern Trust reported a profit of $199.6 million, or 82 cents a share, down 36% from a year earlier. Revenue declined 7% to $973.8 million.
On Tuesday, competitors Bank of New York Mellon and State Street Corp. each posted a surge in earnings.
Despite the difficult quarter, Frederick H. Waddell, the bank's chairman and chief executive officer, said in a press release that the bank was pleased with the results.