Any deal would be huge. Chicago-based Northern Trust has a market value north of $21b after its share price has risen about 9% year to date. The Trump administration has signaled more willingness to approve big banking deals, after few have been tried in recent years. The two firms each have an array of businesses that safeguard, manage and move money for companies, investment firms and financial advisers.
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Bank of New York Mellon approached Northern Trust to discuss potential merger
Northern Trust also provides back-office and administrative services to investment firms and, like BNY, has its own money-management division. Its chief executive, Michael O’Grady, is a former dealmaker.
