Northern Trust Corporation NTRS plans to further strengthen its footprint in Arizona. With the establishment of a new office in Tempe, the company looks ahead to facilitate the long-term global growth and to meet the anticipated demand for services.
The company is expected to open the operating center in mid-2015 and will add 1,000 full-time jobs in the next three years. The recruited staff will be engaged in providing several financial business and banking services. Jobs will be offered for top leadership positions as well as for entry levels. The office will be located in the Discovery Business Campus in Tempe.
Northern Trust has more than 40 years of presence in Arizona and operates three offices providing trust, private banking and investment services. As of Dec 31, 2014, the company’s assets under management in Arizona stood at $6.2 billion.
In connection to the latest announcement, Frederick H. Waddell, CEO of Northern Trust said, “Arizona offers an exciting opportunity to address the increasing needs of our clients as our business continues to grow.” He further added that Arizona stands as a strategic location that will enable the company to better serve its clients.
Northern Trust’s proposed move has been welcomed by several authorities including the Governor of Arizona, Mayor of Tempe, CEO of Arizona Commerce Authority and CEO of the Greater Phoenix Economic Council.
The company’s proposed venture has considered several factors. This includes estimated rise in demand for services, growing need to broaden its client-support base for allowing time zone differences and diversify its geographic footprints.
We believe the company is heading in the right direction with this strategic move, which is likely to augment its business.
Currently, Northern Trust carries a Zacks Rank #2 (Buy). Some better-ranked stocks in the finance space include Customers Bancorp, Inc. CUBI, Provident Financial Holdings, Inc. PROV and Anchor Bancorp ANCB. All these sport a Zacks Rank #1 (Strong Buy).
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