Frederick H. Waddell, Chairman and Chief Executive Officer, commented, “Northern Trust delivered strong performance in 2015, with net income and earnings per share increasing 20%. Our fourth quarter and full year results reflect our ongoing focus on serving the needs of our clients, while enhancing profitability and returns for our shareholders. Our return on average common equity improved to 11.5% in 2015 from 10.0% in 2014. We increased our quarterly common stock dividend by 9% to $0.36 per share and repurchased 6.9 million shares during the year, returning $830 million in capital to our common shareholders.
Revenue growth of 9% in 2015 reflects significant increases in trust, investment and other servicing fees and net interest income. Expenses increased 5%, reflecting continued strong growth in our business and ongoing investments to support technology and regulatory initiatives.”
William L. Morrison is President of Northern Trust Corporation and is a member of the Management Group.
Prior to his current position, he served as Executive Vice President & Chief Financial Officer from October 2009 to October 2011. From 2003 through 2009 he served as President of Personal Financial Services and Chairman of Northern Trust, NA. From 1996 to 2003 he served as Chairman, President and Chief Executive Officer of Northern Trust Bank of Florida, and President and a Director of Northern Trust of Florida Corporation.
Prior to joining Northern Trust Bank, Bill was President and a Director of Intercontinental Bank until it was acquired by NationsBank in December, 1995. He began his banking career in 1973 with Pan American Banks, Inc. and held various positions including Senior Vice President in Corporate Banking and Executive Vice President for Corporate Lending. Pan American Banks, Inc. was acquired by NCNB National Bank of Florida in December, 1985.
Bill received his B.S. in Finance from the University of Pennsylvania, Wharton School in 1973.
Bill was a resident of Miami from 1973 to 2010. He currently serves on the Board of Trustees of the University of Miami and as a Trustee of the New World Symphony, and is a former Chairman of the Board of Palmer Trinity School in Miami and continues as a Board Member.
He is a Board Member of Junior Achievement of Chicago, Museum of Science & Industry and the University of Chicago Medical Center.