About Northern Trust Corporation
Built on big shoulders
Northern Trust began in Chicago in 1889, founded as a trust company for rich individuals and the businesses that were booming in the city of Big Shoulders. While many banks and financial services companies went bust during the Great Depression, Northern Trust held on, and continued to grow during World War II and afterward. In 1969, it opened shop across the Atlantic in London, becoming the first Illinois bank to expand overseas. In 1974, Northern Trust developed services to address new standards set out in the Employees Retirement and Income Security Act.
Today, Northern Trust invests in 90 countries and has clients in 39 nations. It has 68 offices in the United States and nine offices abroad. As of June 30, 2009, it had $75 billion in banking assets, $3.2 trillion in assets under custody and $558.9 billion in assets under management. In addition, Northern Trust has assumed the role of being the largest administrator of offshore private equity funds in Europe and one of the world’s leading providers of institutional index management services.
Great assets, global reach
Northern Trust divides its business into four sectors. Personal financial services (PFS) provides fiduciary, wealth management, investment management, tax and estate planning, brokerage, asset and fund administration, and private and commercial banking services for high-net-worth individuals, families and family offices. Corporate and institutional services (C&IS) provides a wide range of asset servicing products and services to corporate and institutional clients. Northern Trust Global Investment (NTGI), meanwhile, provides active, passive and enhanced products as well as manager-of-managers programs and comprehensive portfolio service. Lastly, worldwide operations and technology deals with the company’s information management and delivery capabilities to cater to the global market.
In April 2008, Northern Trust surprised everyone who thought that the recent onslaught of mortgage-related financial disasters in the industry extended to every bank. The firm reported stellar first-quarter results, with net income coming in $385.2 million, up from $186.7 million in 2007’s first quarter. Revenue, too, did extremely well, coming in at $1.15 billion for 2008’s first quarter, up from $823.8 million in the first quarter of 2007. The firm’s impressive balance sheet was due in large part to its connection as a member bank of Visa U.S.A. When Visa had its initial public offering in March 2008, it meant good news for Northern Trust, the firm reaped a $244 million pre-tax benefit. CEO Frederick Waddell said that the firm’s “excellent growth in trust, investment and other servicing fees, foreign exchange trading income, and net interest income” were also major factors in Northern’s remarkable results.
Northern Trust ranked No. 53 on Newsweek magazine’s Green Rankings list of 2009. According to the magazine, Northern Trust "has a notable record of owning and operating certified green buildings. Seeks out energy suppliers that offer renewable energy; relies 100 [percent] on renewables for its U.K. offices. Strong environmental management team sets environmental targets and objectives and measures performance."
50 South La Salle Street
Chicago, IL 60675
Employer Type: Public
Stock Symbol: NTRS
Stock Exchange: NASDAQ
President & CEO: Frederick H. Waddell
2008 Employees (All Locations): 12,200