Northern Trust Commits to Staying Independent After BNY Approach

Northern Trust Corp. said it plans to remain a standalone company following an approach from Bank of New York Mellon Corp. about a possible merger.

“While our policy is to not comment on market rumors, I can tell you that Northern Trust is fully committed to remaining independent and continuing to deliver long-term value to our stakeholders,” a spokesperson for the Chicago-based firm said in a statement.

The chief executive officers of the banks had a discussion last week, according to a person familiar with the matter who asked not to be identified discussing private information. The firms didn’t discuss ...