Frederick H. Waddell, Chairman and Chief Executive Officer, commented, “Our financial performance in the third quarter of 2014 reflects continued growth in our business serving personal and institutional clients. Trust, investment and other servicing fees, which represent two-thirds of our revenue, increased 11% compared to last year. New business and higher equity markets contributed to strong growth in assets under custody and under management, which increased 13% and 9%, respectively. Our pre-tax profit margin improved to 28.2% in the quarter and our return on equity was 10.1%. This performance reflects ongoing efforts focused on growing our client franchise while achieving sustainable improvements in productivity..”
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.
December 10, 2014 - Jonathan Ferro speaks to Wayne Bowers on political risk in Europe, its economic impact, and Northern Trust Asset Management's asset allocation strategy.
September 8, 2014 - Rishaad Salamat speaks to Chief Investment Officer, Bob Browne on the impact of geopolitics on investor sentiment and US equity markets.
Friday, December 19, 2014 - Katie Nixon joins CNBC's Simon Hobbs on Power Lunch to discuss the outlook for 2015.