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Trust and stability

Trust and stability
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First Published: Sun, Jan 16 2011. 03 04 PM IST
Updated: Sun, Jan 16 2011. 03 04 PM IST
Frederick H. Waddell, chairman and chief executive officer, Northern Trust Corporation, had a baptism by fire when he was picked to head one of the largest independent banks in the US in early 2008. The US financial system began to implode the same year and went through a torrid phase. Waddell talks about what saw during the crisis and also the controversial bail-out package for banks that followed.
One of the unique features of Northern Trust is that a significant portion of its income comes from fees derived through wealth management, one of the bank’s specializations. One of Northern Trust’s strengths is the confidence it evokes among its wealth management customers by retaining all it business on its balance sheet, argues Waddell. In the wake of the recent problems in India’s nascent wealth management industry, Waddell shares his views on an appropriate regulatory architecture for the business, and also the bank’s plans for its Indian operations.
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First Published: Sun, Jan 16 2011. 03 04 PM IST