Northern Trust Corp, the U.S. financial services company that drew lawmakers' ire in February for throwing a lavish party after receiving bailout funds, will cut its 2010 entertainment budget, the Financial Times reported.
Chicago-based Northern Trust's chairman and chief executive Rick Waddell told the newspaper that the bank clearly misjudged the political environment. He added the bank would continue to fulfill its sponsorship obligations next year, but without live entertainment.
We've pared our budget back, Waddell said, according to the Financial Times.
Northern Trust could not be immediately reached by Reuters after hours.