Chicago's largest locally headquartered bank, Northern Trust, experienced a 9 percent stock dive after reporting third-quarter earnings that concerned investors. 

According to CEO Michael O'Grady, Northern Trust reported diluted earnings per common share of $1.80 on total revenue of roughly $1.77 billion, which in his view, reflects consistent execution in challenging macroeconomic and market conditions. Revenue grew 7 percent compared to last year. However, expenses increased by 9 percent. Expenses have increased because the bank has hired more employees and had to deal with other inflationary pressures. According to Crain's Chicago Business, investors are likely dissatisfied with the rising expenses in the quarter and the drop-off in fees.

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