Northern Trust today marks 125 years since it first opened its doors for business in 1889. The Chicago-based global bank, established by Byron Laflin Smith, has more than 20 international locations, US$6 trillion in assets under custody and US$924 billion in assets under management.
Founded the same year the Eiffel Tower was completed and the Dakotas, Montana and Washington became states, Northern Trust has weathered the Great Depression, two world wars and the 2008 financial crisis. The bank not only survived, but thrived during these times of significant market and economic stress. Northern Trust achieved strong growth during the Great Depression, with assets growing more than fivefold, and was one of only two of the 20 largest U.S. banks to not cut its dividend payout to shareholders during the Great Recession. Since the financial crisis of 2008, Northern Trust's client assets under custody have doubled and assets under management have grown 65 percent.
"Our 125th anniversary is a celebration of our heritage and continued strength as well as recognition of our clients and employees, without whom this milestone would not have been achieved," Northern Trust Chairman and Chief Executive Officer Frederick H. Waddell said. "Our commitment to our enduring principles of Service, Expertise and Integrity is at the heart of everything we do, namely serving our clients and the communities in which we operate."
Northern Trust begins a year-long celebration to commemorate its anniversary and recognize employees and clients who contributed to the company's successful history. Among activities today:
"As we expand and take on new challenges and opportunities, our continued reliance on our dedicated employees and core principles will allow us to remain committed to the spirit of the institution Byron Smith founded in 1889," said Waddell.
Northern Trust has launched an official anniversary website (NorthernTrust.com/125) that includes a richly illustrated e-book on the bank's 125-year heritage, an interactive timeline and 125 milestones from its history. It will also be sharing photos and videos from celebrations at offices across the globe on Twitter using the hashtag #NT125.
About Northern Trust
Northern Trust Corporation (NASDAQ: NTRS) is a leading provider of investment management, asset and fund administration, banking solutions and fiduciary services for corporations, institutions and affluent individuals worldwide. Northern Trust, a financial holding company based in Chicago, has offices in 19 states, Washington, D.C., and 20 international locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of June 30, 2014, Northern Trust had assets under custody of US$6 trillion, and assets under investment management of US$924.4 billion. For 125 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology. For more information, visit www.northerntrust.com or follow us on Twitter @NorthernTrust.