Northern Trust Corporation is a leading provider of wealth management, asset servicing, asset management, and banking solutions to corporations, institutions, families, and individuals. The company operates through two main segments: Asset Servicing and Wealth Management. Asset Management supports both segments. The company has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. The Bank is the Corporation's principal subsidiary and is an Illinois banking corporation headquartered in Chicago.

• Employees: 23,100 (as of December 31, 2023)
• Geographic Footprint: 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region
• Headquarters: Chicago, Illinois
• Founded: 1889 (The Bank)
• Number of locations/facilities: Multiple offices and facilities across the globe
• Revenue: $6.77 billion (FY2023)
• Key Subsidiaries/Brands: The Northern Trust Company (Bank)

• CEO: Michael G. O'Grady
• CFO: Jason J. Tyler
• President of Asset Servicing: Peter B. Cherecwich
• President of Asset Management: Daniel E. Gamba
• President of Wealth Management: Steven L. Fradkin
• Chief Risk Officer: Mark C. Gossett
• Global Head of Regulatory Affairs: Jane B. Karpinski
• Controller: John P. Landers
• General Counsel: Susan C. Levy
• President of Europe, Middle East and Africa: Teresa A. Parker
• Chief Information Officer: Thomas A. South
• Chief Human Resources Officer: Alexandria Taylor

Key executives have extensive experience in financial services and related industries.

• Annual Revenue: $6.77 billion (FY2023)
• Net Income: $1.11 billion (FY2023)
• Total Assets: $150.8 billion (as of December 31, 2023)
• Key Financial Highlights: Annual revenue increased slightly, while net income decreased by 17% compared to the prior year.

Northern Trust provides a range of financial solutions:

• Asset Servicing: Custody, fund administration, investment operations outsourcing, investment management, investment risk and analytical services, employee benefit services, securities lending, foreign exchange, treasury management, brokerage services, transition management services, banking, and cash management.
• Wealth Management: Trust, investment management, custody, and philanthropic services; financial consulting; guardianship and estate administration; family business consulting; family financial education; brokerage services; and private and business banking.
• Asset Management: Active and passive equity, active and passive fixed income, cash management, multi-asset and alternative asset classes.

Northern Trust operates through two client-focused reporting segments:

• Asset Servicing: Provides asset servicing and related services to institutional clients.
• Wealth Management: Focuses on high-net-worth individuals and families.

Asset management and certain support functions are allocated to these segments. Certain income and expense items not allocated to either segment are reported in a third segment, Other.

Northern Trust's business strategy is to provide quality financial services to targeted market segments in which it believes it has a competitive advantage and favorable growth prospects. The company seeks to differentiate itself with premier, holistic solutions and exceptional experiences tailored to meet clients' needs. Key strategic initiatives include:

• Emphasis on recurring and scalable fee-based income.
• Continual productivity improvements.
• Maintaining a strong, conservative balance sheet.

Northern Trust operates in the financial services industry, facing competition from various regulated and unregulated financial services organizations.

• Primary Industry: Financial Services
• Key Competitors: Custodial banks, investment counseling firms, deposit-taking institutions, asset management firms, benefits consultants, trust companies, investment banking firms, insurance companies, and financial technology companies.
• Market Position: A leading provider of wealth management, asset servicing, asset management, and banking solutions.
• Industry Trends: The company is impacted by market volatility, economic conditions, and changes in government and central bank policies.

• Market Risks: Dependence on fee-based business, changes in interest rates, macroeconomic conditions, and declines in the value of securities.
• Operational Risks: Dependence on technology systems, breaches of security measures, errors in service provision, and dependence on third-party vendors.
• Credit Risks: Failure to accurately evaluate repayment prospects and counterparty risks.
• Liquidity Risks: Inability to manage liquidity effectively and meet obligations.
• Regulatory and Legal Risks: Extensive and evolving government regulations and potential penalties for non-compliance.