Northern Trust insists it will ‘remain independent’ following reports of possible BNY Mellon merger

Northern Trust has around 1,400 staff in Limerick. Photo: Christopher Dilts/Bloomberg

Saeed Azhar
©Reuters

Shares in Northern Trust surged as much as 7pc on Monday after a Wall Street Journal report said Bank of New York Mellon (BNY Mellon) had approached the asset and wealth manager regarding a potential takeover.

Any tie-up could have implications in Ireland where both financial services firms are big employers. Northern Trust has around 1,400 staff in Limerick while Bank of New York Mellon has around 1,700 staff across offices in Dublin, Cork and Wexford.