Northern Trust's Osborn says recovery will take time
Northern Trust Chairman William Osborn gave his views on the economy last week, as he prepared to retire after 39 years with the company. "The broader economy is gradually going to get a little better. If you measure that by GDP, we'll see slow growth, but that doesn't mean people won't be impacted, that there won't be credit losses. ... There is just a tremendous amount of debt, not just individuals and institutions but governments, and getting through that debt will take a while," he said. Mr. Osborn warned that some banks would not survive the changes to the economy. Mr. Osborn will be replaced as chairman by CEO Rick Waddell, who will assume both roles.
Chicago Tribune
| 11/15
This story published in The Financial Services Roundtable SmartBrief on 11/16/2009
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