Money manager and global custodian Northern Trust revealed first quarter earnings Monday. Although slightly up on last year, they missed analyst forecasts.
The group said that its net revenues for the first quarter were $127.6m, up marginally on the $127.2m for the same period last year.
Wall Street analysts had anticipated better profits as the group's aggressive cost-cutting strategy was expected to boost net revenues significantly.
Northern Trust has also been effected by the collapse of Enron. The company managed some of Enron's pension plan money and made loans to the company. It was forced to write off around $20m last quarter.
Trust assets under administration currently total around $1.72 trillion. Assets under management are around $337bn.