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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 1, 1998
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NORTHERN TRUST CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
0-5965 36-2723087
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(Commission File Number) (IRS Employer Identification No.)
Fifty South LaSalle Street, Chicago, Illinois 60675
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (312) 630-6000
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Item 5. Other Events
The information contained in the registrant's April 1, 1998 press release,
reporting the registrant's intention to exit the futures brokerage business
effective June 30, 1998, a copy of which is filed as Exhibit 99 hereto, is
incorporated herein by reference.
Item 7. Financial Statements and Exhibits
(c) Exhibits:
Exhibit 99 April 1, 1998 Press Release
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
NORTHERN TRUST CORPORATION
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(Registrant)
Dated: April 2, 1998 By: Perry R. Pero
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Perry R. Pero
Senior Executive Vice President
and Chief Financial Officer
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EXHIBIT INDEX
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Number Description Page Number
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99 April 1, 1998 Press Release 5
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NEWS RELEASE
Northern Trust Corporation
50 South LaSalle Street
Chicago, Illinois 60675
Contact: Sue Rageas, Public Relations
Senior Vice President
(312) 444-4279
FOR IMMEDIATE RELEASE
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NORTHERN TRUST TO EXIT FUTURES BROKERAGE BUSINESS
(CHICAGO, April 1, 1998) Northern Trust Corporation, parent company of Northern
Futures Corporation (NFC), announced today its intention to exit the futures
brokerage business effective June 30, 1998. NFC executes and clears
institutional customer transactions on the Chicago futures exchanges. The
futures business of NFC will be transferred to Spear, Leeds & Kellogg, a firm
which together with its subsidiary First Options of Chicago Inc. is one of the
largest clearers in the U.S. futures and options markets.
Northern's Chairman William A. Osborn stated, "Although Northern Futures
Corporation has been a successful and profitable company and has brought
Northern a number of valuable relationships, futures brokerage is no longer a
fit with our long-term corporate strategy. Our business plans call for
Northern Trust to focus on its core businesses of trust, investment management,
custody, and banking for individuals, corporations and institutions." He
further stated that exiting the futures brokerage business will not have a
material impact on the present and future operating results or financial
condition of Northern Trust Corporation.
David R. Ganis, President of Northern Futures Corporation said, "We believe
Spear, Leeds & Kellogg will effectively meet the ongoing needs of our clients
and provide the quality service they have come to expect. It is our expectation
that most of our employees will join the staff of First Options of
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Chicago Inc. or will find other positions within Northern Trust." Ganis said
that Northern's decision will end its long-standing relationship with Tullett &
Tokyo Forex International Ltd., and The Tokyo Forex Securities Co., Ltd. in
Japan. He said that the Tullet & Tokyo companies will create a new strategic
alliance with Spear, Leeds & Kellogg.
Spear Leads & Kellogg is the largest specialist firm on the New York Stock
Exchange. First Options of Chicago Inc., the largest volume clearing firm on the
Chicago Board Options Exchange, is a clearing member of the Chicago Board of
Trade and the Chicago Mercantile Exchange specializing in clearing services for
professional traders and trading firms.
Northern Futures Corporation was established in 1983 by The Northern Trust
Company and became a subsidiary of Northern Trust Corporation in 1987.
Northern Trust Corporation owns banking subsidiaries in Illinois, Arizona,
California, Florida, and Texas, trust companies in Connecticut and New York and
various nonbank subsidiaries, including a securities brokerage firm and a
retirement services company. At year end 1997, total assets of the Corporation
were $25.3 billion and trust assets under administration exceeded $1 trillion,
$197 billion of which were under management.
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