The tidbit that fascinates me, considering how poorly many bank stocks are doing at the moment?
Surprisingly, the top performer on the list is the financial stock, Northern Trust.Must have something to do with fee income, don't you think?
Thursday, July 24, 2008
On the real value of trust departments
Hidden away in this item from the WSJ's Wealth Report, Introducing the Richistan Index, is a fascinating tidbit for trust bankers. There's a new index to follow now, the Dow Jones Luxury Index, that tracks businesses that cater to the very wealthiest Americans. The index is down for the year more than the DJIA or the S&P, so maybe there really is a recession going on.
The tidbit that fascinates me, considering how poorly many bank stocks are doing at the moment?
The tidbit that fascinates me, considering how poorly many bank stocks are doing at the moment?
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2 comments:
You forgot to mention how Northern Trust has generated so much fee income over the centuries. Wikipedia points out that Northern was the first bank in Chicago to advertise its services, initially using direct mail and then newspapers.
Northern's founder, Byron Smith, "reasoned that spending significant amounts of cash on newspaper advertising and becoming the first bank in the city to hire an advertising agency would help build confidence in Northern's conservative approach to banking."
Great point, Jim. According to the New York Times, Northern is up 8.45% in the last 30 days, nearly 20% over the past 52 weeks.
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