Northern Trust Corp. announced Monday that it will cut 450 positions, or about 4% of its workforce, to offset $300 million in third-quarter charges to support its money market funds. This will result in a pre-tax charge of $20 million to $25 million in the fourth quarter, or five cents to seven cents per share.

Going forward, Northern Trust estimates that the elimination of the positions will save it $50 million to $60 million a year, before taxes. The jobs will be cut in the first quarter, using attrition whenever possible.

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