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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost_lbl" xml:lang="en-US">Due in One Year or Less</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AvailableforsaleSecuritiesGrossUnrealizedGain" xlink:label="us-gaap_AvailableforsaleSecuritiesGrossUnrealizedGain"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AvailableForSaleSecuritiesGrossUnrealizedLosses1_lbl" xml:lang="en-US">Gross Unrealized Losses</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AvailableforsaleSecuritiesMember_lbl" xml:lang="en-US">Available for Sale Investment Securities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AvailableforsaleSecuritiesMember" xlink:to="us-gaap_AvailableforsaleSecuritiesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AvailableForSaleSecuritiesPledgedAsCollateral" xlink:label="us-gaap_AvailableForSaleSecuritiesPledgedAsCollateral"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AvailableForSaleSecuritiesPledgedAsCollateral_lbl" xml:lang="en-US">Available for sale securities, pledged as collateral</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AvailableForSaleSecuritiesPledgedAsCollateral" xlink:to="us-gaap_AvailableForSaleSecuritiesPledgedAsCollateral_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_AverageInterestBearingDepositsInFederalReserveBankForReserveRequirements" xlink:label="ntrs_AverageInterestBearingDepositsInFederalReserveBankForReserveRequirements"/>
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    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_AverageRecordedInvestmentInImpairedLoansAndInterestIncomeThatWouldHaveBeenRecordedOnImpairedLoanTableTextBlock" xlink:label="ntrs_AverageRecordedInvestmentInImpairedLoansAndInterestIncomeThatWouldHaveBeenRecordedOnImpairedLoanTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_AverageRecordedInvestmentInImpairedLoansAndInterestIncomeThatWouldHaveBeenRecordedOnImpairedLoanTableTextBlock_lbl" xml:lang="en-US">Average Recorded Investment In Impaired Loans And Interest Income That Would Have Been Recorded On Impaired Loan</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_AverageRecordedInvestmentInImpairedLoansAndInterestIncomeThatWouldHaveBeenRecordedOnImpairedLoanTableTextBlock_lbl" xml:lang="en-US">Average Recorded Investment in Impaired Loans and Interest Income that would have been Recorded on Nonperforming Loans</label>
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    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_BankOfIrelandSecuritiesServicesMember" xlink:label="ntrs_BankOfIrelandSecuritiesServicesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_BankOfIrelandSecuritiesServicesMember_lbl" xml:lang="en-US">Bank of Ireland Securities Services</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessAcquisitionAcquireeDomain" xlink:to="us-gaap_BusinessAcquisitionAcquireeDomain_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessAcquisitionCostOfAcquiredEntityCashPaid_lbl" xml:lang="en-US">Business acquisition cash paid</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessAcquisitionCostOfAcquiredEntityCashPaid" xlink:to="us-gaap_BusinessAcquisitionCostOfAcquiredEntityCashPaid_lbl"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_BusinessAcquisitionCostOfAcquiredEntityPurchasePrice" xlink:label="us-gaap_BusinessAcquisitionCostOfAcquiredEntityPurchasePrice"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessAcquisitionCostOfAcquiredEntityPurchasePrice_lbl" xml:lang="en-US">Business acquisition purchase price</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessAcquisitionCostOfAcquiredEntityPurchasePrice" xlink:to="us-gaap_BusinessAcquisitionCostOfAcquiredEntityPurchasePrice_lbl"/>
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    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_BusinessCombinationContingentConsiderationArrangementsAgreementPeriod" xlink:label="ntrs_BusinessCombinationContingentConsiderationArrangementsAgreementPeriod"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_BusinessCombinationContingentConsiderationArrangementsAgreementPeriod_lbl" xml:lang="en-US">Business Combination, Contingent Consideration Arrangements, Agreement Period</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:label="us-gaap_CarryingReportedAmountFairValueDisclosureMember"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_CashAndDueFromBanks_lbl" xml:lang="en-US">Cash and Due from Banks at End of Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_CashAndDueFromBanks_lbl" xml:lang="en-US">Cash and Due from Banks at Beginning of Year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndDueFromBanks" xlink:to="us-gaap_CashAndDueFromBanks_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_CashCollateralDepositedWithNotOffsetAgainstDerivativeAssetsAndLiabilities" xlink:label="ntrs_CashCollateralDepositedWithNotOffsetAgainstDerivativeAssetsAndLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_CashCollateralDepositedWithNotOffsetAgainstDerivativeAssetsAndLiabilities_lbl" xml:lang="en-US">Additional cash collateral deposited with derivative counterparties not offset against derivative assets and liabilities on the consolidated balance sheet as amounts exceed the net derivative positions with the counterparties.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_CashCollateralDepositedWithNotOffsetAgainstDerivativeAssetsAndLiabilities_lbl" xml:lang="en-US">This amount represents additional cash collateral deposited with derivative counterparties not offset against derivative assets and liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_CashCollateralDepositedWithNotOffsetAgainstDerivativeAssetsAndLiabilities" xlink:to="ntrs_CashCollateralDepositedWithNotOffsetAgainstDerivativeAssetsAndLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_CashCollateralReceivedAndDeposited" xlink:label="ntrs_CashCollateralReceivedAndDeposited"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_CashCollateralReceivedAndDeposited_lbl" xml:lang="en-US">Reduction in derivative assets (liabilities) due to cash collateral received from (deposited with) derivative counterparties.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_CashCollateralReceivedAndDeposited_lbl" xml:lang="en-US">Reduction in derivative assets (liabilities) due to cash collateral received from (deposited with) derivative counterparties</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ntrs_CashCollateralReceivedAndDeposited_lbl" xml:lang="en-US">Reduction in derivatives due to cash collateral received from and deposited with derivative counterparties</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_CashCollateralReceivedAndDeposited" xlink:to="ntrs_CashCollateralReceivedAndDeposited_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_CashCollateralReceivedFromNotOffsetAgainstDerivativeAssetsAndLiabilities" xlink:label="ntrs_CashCollateralReceivedFromNotOffsetAgainstDerivativeAssetsAndLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_CashCollateralReceivedFromNotOffsetAgainstDerivativeAssetsAndLiabilities_lbl" xml:lang="en-US">Additional cash collateral received from derivative counterparties not offset against derivative assets and liabilities on the consolidated balance sheet as amounts exceed the net derivative positions with the counterparties.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_CashCollateralReceivedFromNotOffsetAgainstDerivativeAssetsAndLiabilities_lbl" xml:lang="en-US">This amount represents additional cash collateral received from derivative counterparties not offset against derivative assets and liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_CashCollateralReceivedFromNotOffsetAgainstDerivativeAssetsAndLiabilities" xlink:to="ntrs_CashCollateralReceivedFromNotOffsetAgainstDerivativeAssetsAndLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_CashFlowHedgeGainLossReclassifiedToCompensationExpenseNet" xlink:label="ntrs_CashFlowHedgeGainLossReclassifiedToCompensationExpenseNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_CashFlowHedgeGainLossReclassifiedToCompensationExpenseNet_lbl" xml:lang="en-US">Cash Flow Hedge Gain (Loss) Reclassified to Compensation Expense, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_CashFlowHedgeGainLossReclassifiedToCompensationExpenseNet_lbl" xml:lang="en-US">Cash Flow Hedge Gain (Loss) Reclassified to Compensation Expense, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ntrs_CashFlowHedgeGainLossReclassifiedToCompensationExpenseNet_lbl" xml:lang="en-US">Compensation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_CashFlowHedgeGainLossReclassifiedToCompensationExpenseNet" xlink:to="ntrs_CashFlowHedgeGainLossReclassifiedToCompensationExpenseNet_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_CashFlowHedgeGainLossReclassifiedToEmployeeBenefitsNet" xlink:label="ntrs_CashFlowHedgeGainLossReclassifiedToEmployeeBenefitsNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_CashFlowHedgeGainLossReclassifiedToEmployeeBenefitsNet_lbl" xml:lang="en-US">Cash Flow Hedge Gain (Loss) Reclassified to Employee Benefits, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_CashFlowHedgeGainLossReclassifiedToEmployeeBenefitsNet_lbl" xml:lang="en-US">Cash Flow Hedge Gain (Loss) Reclassified to Employee Benefits, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ntrs_CashFlowHedgeGainLossReclassifiedToEmployeeBenefitsNet_lbl" xml:lang="en-US">Employee Benefits</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_CashFlowHedgeGainLossReclassifiedToEmployeeBenefitsNet" xlink:to="ntrs_CashFlowHedgeGainLossReclassifiedToEmployeeBenefitsNet_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_CashFlowHedgeGainLossReclassifiedToEquipmentAndSoftwareExpenseNet" xlink:label="ntrs_CashFlowHedgeGainLossReclassifiedToEquipmentAndSoftwareExpenseNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_CashFlowHedgeGainLossReclassifiedToEquipmentAndSoftwareExpenseNet_lbl" xml:lang="en-US">Cash Flow Hedge Gain (Loss) Reclassified to Equipment and Software Expense, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_CashFlowHedgeGainLossReclassifiedToEquipmentAndSoftwareExpenseNet_lbl" xml:lang="en-US">Cash Flow Hedge Gain (Loss) Reclassified to Equipment and Software Expense, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ntrs_CashFlowHedgeGainLossReclassifiedToEquipmentAndSoftwareExpenseNet_lbl" xml:lang="en-US">Equipment and Software</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_CashFlowHedgeGainLossReclassifiedToEquipmentAndSoftwareExpenseNet" xlink:to="ntrs_CashFlowHedgeGainLossReclassifiedToEquipmentAndSoftwareExpenseNet_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashFlowHedgeGainLossReclassifiedToInterestExpenseNet" xlink:label="us-gaap_CashFlowHedgeGainLossReclassifiedToInterestExpenseNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashFlowHedgeGainLossReclassifiedToInterestExpenseNet_lbl" xml:lang="en-US">Cash Flow Hedge Gain (Loss) Reclassified to Interest Expense, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CashFlowHedgeGainLossReclassifiedToInterestExpenseNet_lbl" xml:lang="en-US">Interest Expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashFlowHedgeGainLossReclassifiedToInterestExpenseNet" xlink:to="us-gaap_CashFlowHedgeGainLossReclassifiedToInterestExpenseNet_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_CashFlowHedgeGainLossReclassifiedToInterestIncomeNet" xlink:label="ntrs_CashFlowHedgeGainLossReclassifiedToInterestIncomeNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_CashFlowHedgeGainLossReclassifiedToInterestIncomeNet_lbl" xml:lang="en-US">Cash Flow Hedge Gain (Loss) Reclassified to Interest Income, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_CashFlowHedgeGainLossReclassifiedToInterestIncomeNet_lbl" xml:lang="en-US">Cash Flow Hedge Gain (Loss) Reclassified to Interest Income, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ntrs_CashFlowHedgeGainLossReclassifiedToInterestIncomeNet_lbl" xml:lang="en-US">Interest Income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_CashFlowHedgeGainLossReclassifiedToInterestIncomeNet" xlink:to="ntrs_CashFlowHedgeGainLossReclassifiedToInterestIncomeNet_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_CashFlowHedgeGainLossReclassifiedToOccupancyExpenseNet" xlink:label="ntrs_CashFlowHedgeGainLossReclassifiedToOccupancyExpenseNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_CashFlowHedgeGainLossReclassifiedToOccupancyExpenseNet_lbl" xml:lang="en-US">Cash Flow Hedge Gain (Loss) Reclassified to Occupancy Expense, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_CashFlowHedgeGainLossReclassifiedToOccupancyExpenseNet_lbl" xml:lang="en-US">Occupancy Expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_CashFlowHedgeGainLossReclassifiedToOccupancyExpenseNet" xlink:to="ntrs_CashFlowHedgeGainLossReclassifiedToOccupancyExpenseNet_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashFlowHedgeGainLossReclassifiedToOtherExpenseNet" xlink:label="us-gaap_CashFlowHedgeGainLossReclassifiedToOtherExpenseNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashFlowHedgeGainLossReclassifiedToOtherExpenseNet_lbl" xml:lang="en-US">Other Operating Expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashFlowHedgeGainLossReclassifiedToOtherExpenseNet" xlink:to="us-gaap_CashFlowHedgeGainLossReclassifiedToOtherExpenseNet_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashFlowHedgeGainLossReclassifiedToOtherIncomeNet" xlink:label="us-gaap_CashFlowHedgeGainLossReclassifiedToOtherIncomeNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashFlowHedgeGainLossReclassifiedToOtherIncomeNet_lbl" xml:lang="en-US">Cash Flow Hedge Gain (Loss) Reclassified to Other Income, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CashFlowHedgeGainLossReclassifiedToOtherIncomeNet_lbl" xml:lang="en-US">Other Operating Income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashFlowHedgeGainLossReclassifiedToOtherIncomeNet" xlink:to="us-gaap_CashFlowHedgeGainLossReclassifiedToOtherIncomeNet_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashFlowHedgeGainLossReclassifiedToRevenueNet" xlink:label="us-gaap_CashFlowHedgeGainLossReclassifiedToRevenueNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashFlowHedgeGainLossReclassifiedToRevenueNet_lbl" xml:lang="en-US">Cash Flow Hedge Gain (Loss) Reclassified to Revenue, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CashFlowHedgeGainLossReclassifiedToRevenueNet_lbl" xml:lang="en-US">Trust, Investment and Other Servicing Fees</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashFlowHedgeGainLossReclassifiedToRevenueNet" xlink:to="us-gaap_CashFlowHedgeGainLossReclassifiedToRevenueNet_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashFlowHedgingMember" xlink:label="us-gaap_CashFlowHedgingMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashFlowHedgingMember_lbl" xml:lang="en-US">Cash Flow Hedges</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashFlowHedgingMember" xlink:to="us-gaap_CashFlowHedgingMember_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_CategoriesOfLoanAndCommitmentsAxis" xlink:label="ntrs_CategoriesOfLoanAndCommitmentsAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_CategoriesOfLoanAndCommitmentsAxis_lbl" xml:lang="en-US">Categories Of Loan And Commitments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_CategoriesOfLoanAndCommitmentsAxis_lbl" xml:lang="en-US">Categories Of Loan And Commitments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_CategoriesOfLoanAndCommitmentsAxis" xlink:to="ntrs_CategoriesOfLoanAndCommitmentsAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_CategoriesOfLoanAndCommitmentsDomain" xlink:label="ntrs_CategoriesOfLoanAndCommitmentsDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_CategoriesOfLoanAndCommitmentsDomain_lbl" xml:lang="en-US">Categories Of Loan And Commitments [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_CategoriesOfLoanAndCommitmentsDomain_lbl" xml:lang="en-US">Categories Of Loan And Commitments [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_CategoriesOfLoanAndCommitmentsDomain" xlink:to="ntrs_CategoriesOfLoanAndCommitmentsDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CertificatesOfDepositMember" xlink:label="us-gaap_CertificatesOfDepositMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CertificatesOfDepositMember_lbl" xml:lang="en-US">Certificates of Deposit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CertificatesOfDepositMember" xlink:to="us-gaap_CertificatesOfDepositMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ChangeInUnrealizedGainLossOnHedgedItemInFairValueHedge" xlink:label="us-gaap_ChangeInUnrealizedGainLossOnHedgedItemInFairValueHedge"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ChangeInUnrealizedGainLossOnHedgedItemInFairValueHedge_lbl" xml:lang="en-US">Changes recorded in the fair value of the hedged items in a fair value hedge</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ChangeInUnrealizedGainLossOnHedgedItemInFairValueHedge" xlink:to="us-gaap_ChangeInUnrealizedGainLossOnHedgedItemInFairValueHedge_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="us-gaap_ClassOfStockDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ClassOfStockDomain_lbl" xml:lang="en-US">Class of Stock [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfStockDomain" xlink:to="us-gaap_ClassOfStockDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_ClientRelatedAndTradingMember" xlink:label="ntrs_ClientRelatedAndTradingMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_ClientRelatedAndTradingMember_lbl" xml:lang="en-US">Client Related And Trading</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_ClientRelatedAndTradingMember_lbl" xml:lang="en-US">Client Related and Trading</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_ClientRelatedAndTradingMember" xlink:to="ntrs_ClientRelatedAndTradingMember_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_ClientSecuritySettlementReceivables" xlink:label="ntrs_ClientSecuritySettlementReceivables"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_ClientSecuritySettlementReceivables_lbl" xml:lang="en-US">This represents other collection items presented on behalf of custody clients.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_ClientSecuritySettlementReceivables_lbl" xml:lang="en-US">Client Security Settlement Receivables</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_ClientSecuritySettlementReceivables" xlink:to="ntrs_ClientSecuritySettlementReceivables_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CollateralAlreadyPostedAggregateFairValue" xlink:label="us-gaap_CollateralAlreadyPostedAggregateFairValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CollateralAlreadyPostedAggregateFairValue_lbl" xml:lang="en-US">Collateral deposited with derivative counterparties for derivatives instruments with credit-risk-related contigent features that are in a liability position</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CollateralAlreadyPostedAggregateFairValue" xlink:to="us-gaap_CollateralAlreadyPostedAggregateFairValue_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_CollateralRepledgedOrSold" xlink:label="ntrs_CollateralRepledgedOrSold"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_CollateralRepledgedOrSold_lbl" xml:lang="en-US">Collateral from agreements to resell securities purchased transactions that has been repledged or sold.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_CollateralRepledgedOrSold_lbl" xml:lang="en-US">Amount of securities repledged or sold collateral</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_CollateralRepledgedOrSold" xlink:to="ntrs_CollateralRepledgedOrSold_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_CollateralRequirementsMember" xlink:label="ntrs_CollateralRequirementsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_CollateralRequirementsMember_lbl" xml:lang="en-US">Collateral Requirements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_CollateralRequirementsMember_lbl" xml:lang="en-US">Collateral Requirements</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_CollateralRequirementsMember" xlink:to="ntrs_CollateralRequirementsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_CommercialAndInstitutionalLoansMember" xlink:label="ntrs_CommercialAndInstitutionalLoansMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_CommercialAndInstitutionalLoansMember_lbl" xml:lang="en-US">Commercial And Institutional Loans</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_CommercialAndInstitutionalLoansMember_lbl" xml:lang="en-US">Commercial and Institutional</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_CommercialAndInstitutionalLoansMember" xlink:to="ntrs_CommercialAndInstitutionalLoansMember_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommercialLoanMember_lbl" xml:lang="en-US">Commercial Loans</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_CommercialOtherFinancingReceivableMember_lbl" xml:lang="en-US">Commercial Other Financing Receivable</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommercialRealEstateConstructionFinancingReceivableMember" xlink:to="us-gaap_CommercialRealEstateConstructionFinancingReceivableMember_lbl"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommercialRealEstateMember" xlink:to="us-gaap_CommercialRealEstateMember_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_CommitmentsAndContingenciesDisclosureLineItems_lbl" xml:lang="en-US">Commitments and Contingencies Disclosure [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_CommitmentsAndContingenciesDisclosureLineItems" xlink:to="ntrs_CommitmentsAndContingenciesDisclosureLineItems_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_CommitmentsAndContingenciesDisclosureTable_lbl" xml:lang="en-US">Commitments and Contingencies Disclosure [Table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_CommitmentsAndContingenciesDisclosureTable_lbl" xml:lang="en-US">Commitments and Contingencies Disclosure [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_CommitmentsAndContingenciesDisclosureTable" xlink:to="ntrs_CommitmentsAndContingenciesDisclosureTable_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsFairValueDisclosure_lbl" xml:lang="en-US">Commitments, Fair Value Disclosure</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsFairValueDisclosure" xlink:to="us-gaap_CommitmentsFairValueDisclosure_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockMember" xlink:label="us-gaap_CommonStockMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockMember_lbl" xml:lang="en-US">Common Stock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockMember" xlink:to="us-gaap_CommonStockMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Common Stock, Par Value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="us-gaap_CommonStockParOrStatedValuePerShare_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="us-gaap_CommonStockSharesAuthorized"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xml:lang="en-US">Common Stock, Authorized</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesAuthorized" xlink:to="us-gaap_CommonStockSharesAuthorized_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="us-gaap_CommonStockSharesOutstanding"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US">Common Stock, Outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockValue" xlink:label="us-gaap_CommonStockValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US">Common Stock, $1.66 2/3 Par Value; Authorized 560,000,000 shares; Outstanding shares of 240,996,807 and 242,268,903</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockValue" xlink:to="us-gaap_CommonStockValue_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_CommunityReinvestmentActCRAMember" xlink:label="ntrs_CommunityReinvestmentActCRAMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_CommunityReinvestmentActCRAMember_lbl" xml:lang="en-US">Community Reinvestment Act CRA</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_CommunityReinvestmentActCRAMember_lbl" xml:lang="en-US">Community Reinvestment Act CRA</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_CommunityReinvestmentActCRAMember" xlink:to="ntrs_CommunityReinvestmentActCRAMember_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_ComponentsofAccumulatedOtherComprehensiveIncomeAxis" xlink:label="ntrs_ComponentsofAccumulatedOtherComprehensiveIncomeAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_ComponentsofAccumulatedOtherComprehensiveIncomeAxis_lbl" xml:lang="en-US">Components of Accumulated Other Comprehensive Income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_ComponentsofAccumulatedOtherComprehensiveIncomeAxis_lbl" xml:lang="en-US">Components of Accumulated Other Comprehensive Income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_ComponentsofAccumulatedOtherComprehensiveIncomeAxis" xlink:to="ntrs_ComponentsofAccumulatedOtherComprehensiveIncomeAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_ComponentsofAccumulatedOtherComprehensiveIncomeDomain" xlink:label="ntrs_ComponentsofAccumulatedOtherComprehensiveIncomeDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_ComponentsofAccumulatedOtherComprehensiveIncomeDomain_lbl" xml:lang="en-US">Components of Accumulated Other Comprehensive Income [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_ComponentsofAccumulatedOtherComprehensiveIncomeDomain_lbl" xml:lang="en-US">Components of Accumulated Other Comprehensive Income [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_ComponentsofAccumulatedOtherComprehensiveIncomeDomain" xlink:to="ntrs_ComponentsofAccumulatedOtherComprehensiveIncomeDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_CompositionOfLoanPortfolioLineItems" xlink:label="ntrs_CompositionOfLoanPortfolioLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_CompositionOfLoanPortfolioLineItems_lbl" xml:lang="en-US">Composition of Loan Portfolio [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_CompositionOfLoanPortfolioLineItems_lbl" xml:lang="en-US">Composition of Loan Portfolio [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_CompositionOfLoanPortfolioLineItems" xlink:to="ntrs_CompositionOfLoanPortfolioLineItems_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_CompositionOfLoanPortfolioTable" xlink:label="ntrs_CompositionOfLoanPortfolioTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_CompositionOfLoanPortfolioTable_lbl" xml:lang="en-US">Composition of Loan Portfolio [Table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_CompositionOfLoanPortfolioTable_lbl" xml:lang="en-US">Composition of Loan Portfolio [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_CompositionOfLoanPortfolioTable" xlink:to="ntrs_CompositionOfLoanPortfolioTable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTax" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax_lbl" xml:lang="en-US">Comprehensive Income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax_lbl" xml:lang="en-US">Comprehensive Income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ComprehensiveIncomeNetOfTax" xlink:to="us-gaap_ComprehensiveIncomeNetOfTax_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ComprehensiveIncomeNoteTextBlock" xlink:label="us-gaap_ComprehensiveIncomeNoteTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ComprehensiveIncomeNoteTextBlock_lbl" xml:lang="en-US">Comprehensive Income (Loss) Note</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ComprehensiveIncomeNoteTextBlock_lbl" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ComprehensiveIncomeNoteTextBlock" xlink:to="us-gaap_ComprehensiveIncomeNoteTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_CorporateAndInstitutionalServiceMember" xlink:label="ntrs_CorporateAndInstitutionalServiceMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_CorporateAndInstitutionalServiceMember_lbl" xml:lang="en-US">Corporate and Institutional Service</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_CorporateAndInstitutionalServiceMember_lbl" xml:lang="en-US">Corporate and Institutional Services</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_CorporateAndInstitutionalServiceMember" xlink:to="ntrs_CorporateAndInstitutionalServiceMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CorporateDebtSecuritiesMember" xlink:label="us-gaap_CorporateDebtSecuritiesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CorporateDebtSecuritiesMember_lbl" xml:lang="en-US">Corporate Debt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CorporateDebtSecuritiesMember" xlink:to="us-gaap_CorporateDebtSecuritiesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_CostAndFairValueOfMarketableSecuritiesTextBlock" xlink:label="ntrs_CostAndFairValueOfMarketableSecuritiesTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_CostAndFairValueOfMarketableSecuritiesTextBlock_lbl" xml:lang="en-US">Cost and Fair Value of Marketable Securities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_CostAndFairValueOfMarketableSecuritiesTextBlock_lbl" xml:lang="en-US">Amortized Cost and Fair Values of Securities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_CostAndFairValueOfMarketableSecuritiesTextBlock" xlink:to="ntrs_CostAndFairValueOfMarketableSecuritiesTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CostMethodInvestments" xlink:label="us-gaap_CostMethodInvestments"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CostMethodInvestments_lbl" xml:lang="en-US">Remaining Visa shares held by Northern Trust, original cost basis</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostMethodInvestments" xlink:to="us-gaap_CostMethodInvestments_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CreditDefaultSwapMember" xlink:label="us-gaap_CreditDefaultSwapMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CreditDefaultSwapMember_lbl" xml:lang="en-US">Credit Default Swap Contracts</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CreditDefaultSwapMember" xlink:to="us-gaap_CreditDefaultSwapMember_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_CreditLossLiability" xlink:label="ntrs_CreditLossLiability"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_CreditLossLiability_lbl" xml:lang="en-US">Exposure to indemnifications on credit losses from securities custody activities as of balance sheet date.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_CreditLossLiability_lbl" xml:lang="en-US">Credit loss liability</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_CreditLossLiability" xlink:to="ntrs_CreditLossLiability_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_CreditRelatedImpairmentLossesRecognizedInEarningsOnOtherThanTemporarilyImpairedSecuritiesTableTextBlock" xlink:label="ntrs_CreditRelatedImpairmentLossesRecognizedInEarningsOnOtherThanTemporarilyImpairedSecuritiesTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_CreditRelatedImpairmentLossesRecognizedInEarningsOnOtherThanTemporarilyImpairedSecuritiesTableTextBlock_lbl" xml:lang="en-US">Credit Related Impairment Losses Recognized In Earnings On Other Than Temporarily Impaired Securities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_CreditRelatedImpairmentLossesRecognizedInEarningsOnOtherThanTemporarilyImpairedSecuritiesTableTextBlock_lbl" xml:lang="en-US">Credit-Related Losses Recognized in Earnings on Debt Securities Other-than-temporarily Impaired</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_CreditRelatedImpairmentLossesRecognizedInEarningsOnOtherThanTemporarilyImpairedSecuritiesTableTextBlock" xlink:to="ntrs_CreditRelatedImpairmentLossesRecognizedInEarningsOnOtherThanTemporarilyImpairedSecuritiesTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_CreditRiskRelatedContingentFeaturesCollateralThreshold" xlink:label="ntrs_CreditRiskRelatedContingentFeaturesCollateralThreshold"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_CreditRiskRelatedContingentFeaturesCollateralThreshold_lbl" xml:lang="en-US">Net maximum amount of termination payments that could have been required for derivative instruments with credit risk-related contingent features that were in a liability position.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_CreditRiskRelatedContingentFeaturesCollateralThreshold_lbl" xml:lang="en-US">Termination payments that could have been required for derivative instruments with credit-risk-related contingent features</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_DisclosureGainsAndLossesRecordedInTheConsolidatedStatementOfIncomeRelatedToClientRelatedAndTradingDerivativeFinancialInstrumentsAbstract_lbl" xml:lang="en-US">Disclosure - Gains and Losses Recorded in the Consolidated Statement of Income related to Client Related and Trading Derivative Financial Instruments [Abstract]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_DisclosureGainsAndLossesRecordedInTheConsolidatedStatementOfIncomeRelatedToDerivativeInstrumentsNotFormallyDesignatedAsHedgesAbstract_lbl" xml:lang="en-US">Disclosure - Gains and Losses Recorded in the Consolidated Statement of Income related to Derivative Instruments Not Formally Designated as Hedges [Abstract]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_DisclosureGainsAndLossesRecordedInTheConsolidatedStatementOfIncomeRelatedToFairValueHedgesAbstract_lbl" xml:lang="en-US">Disclosure - Gains and Losses Recorded in the Consolidated Statement of Income related to Fair Value Hedges [Abstract]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_EarningsPerShareDisclosureTable_lbl" xml:lang="en-US">Earnings Per Share Disclosure [Table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_EarningsPerShareDisclosureTable_lbl" xml:lang="en-US">Earnings Per Share Disclosure [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_EarningsPerShareDisclosureTable" xlink:to="ntrs_EarningsPerShareDisclosureTable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_EarningsPerShareTextBlock" xlink:label="us-gaap_EarningsPerShareTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareTextBlock_lbl" xml:lang="en-US">Earnings Per Share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_EarningsPerShareTextBlock_lbl" xml:lang="en-US">Net Income Per Common Share Computations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareTextBlock" xlink:to="us-gaap_EarningsPerShareTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:label="us-gaap_EffectiveIncomeTaxRateContinuingOperations"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EffectiveIncomeTaxRateContinuingOperations_lbl" xml:lang="en-US">Effective tax rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:to="us-gaap_EffectiveIncomeTaxRateContinuingOperations_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents" xlink:label="us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents_lbl" xml:lang="en-US">Effect of Foreign Currency Exchange Rates on Cash</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents" xlink:to="us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_EmployeeBenefits" xlink:label="ntrs_EmployeeBenefits"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_EmployeeBenefits_lbl" xml:lang="en-US">Expense recognized during the period for expenses incurred related to employee benefits including pension, health plan, and other fringe benefits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_EmployeeBenefits_lbl" xml:lang="en-US">Employee Benefits</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_EmployeeBenefits" xlink:to="ntrs_EmployeeBenefits_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense_lbl" xml:lang="en-US">Tax Benefits Recognized</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" xlink:to="us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntitiesTable" xlink:label="dei_EntitiesTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitiesTable_lbl" xml:lang="en-US">Entities [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitiesTable" xlink:to="dei_EntitiesTable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityDomain" xlink:label="dei_EntityDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityDomain_lbl" xml:lang="en-US">Entity [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityDomain" xlink:to="dei_EntityDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_EquipmentAndSoftwareExpense" xlink:label="ntrs_EquipmentAndSoftwareExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_EquipmentAndSoftwareExpense_lbl" xml:lang="en-US">This element represents furniture and equipment expense including depreciation, repairs, rentals, and service contract costs. This item also includes equipment purchases which do not qualify for capitalization in accordance with accounting policy. In addition, this item includes the amount charged to expense for amortization of capitalized computer software costs as well as amounts incurred for software development activities that were not capitalized.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_EquipmentAndSoftwareExpense_lbl" xml:lang="en-US">Equipment And Software Expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ntrs_EquipmentAndSoftwareExpense_lbl" xml:lang="en-US">Equipment and Software</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_EquipmentAndSoftwareExpense" xlink:to="ntrs_EquipmentAndSoftwareExpense_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="us-gaap_EquityComponentDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityComponentDomain_lbl" xml:lang="en-US">Equity Component [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityComponentDomain" xlink:to="us-gaap_EquityComponentDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_EstimateOfFairValueFairValueDisclosureMember" xlink:label="us-gaap_EstimateOfFairValueFairValueDisclosureMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EstimateOfFairValueFairValueDisclosureMember_lbl" xml:lang="en-US">Estimate of Fair Value, Fair Value Disclosure</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EstimateOfFairValueFairValueDisclosureMember" xlink:to="us-gaap_EstimateOfFairValueFairValueDisclosureMember_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_FairValueAssetsAndLiabilitiesComponentDomain" xlink:label="ntrs_FairValueAssetsAndLiabilitiesComponentDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_FairValueAssetsAndLiabilitiesComponentDomain_lbl" xml:lang="en-US">Fair Value, Assets and Liabilities Component Domain</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_FairValueAssetsAndLiabilitiesComponentDomain_lbl" xml:lang="en-US">Fair Value, Assets and Liabilities Component Domain</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_FairValueAssetsAndLiabilitiesComponentDomain" xlink:to="ntrs_FairValueAssetsAndLiabilitiesComponentDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_FairValueAssetsAndLiabilitiesComponentsAxis" xlink:label="ntrs_FairValueAssetsAndLiabilitiesComponentsAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_FairValueAssetsAndLiabilitiesComponentsAxis_lbl" xml:lang="en-US">Fair Value, Assets and Liabilities Components Axis</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_FairValueAssetsAndLiabilitiesComponentsAxis_lbl" xml:lang="en-US">Fair Value, Assets and Liabilities Components Axis</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_FairValueAssetsAndLiabilitiesComponentsAxis" xlink:to="ntrs_FairValueAssetsAndLiabilitiesComponentsAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_lbl" xml:lang="en-US">Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:to="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_lbl" xml:lang="en-US">Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:to="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTable" xlink:label="ntrs_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTable_lbl" xml:lang="en-US">Fair Value, Assets and Liabilities Measured on Recurring Basis [Table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTable_lbl" xml:lang="en-US">Fair Value, Assets and Liabilities Measured on Recurring Basis [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTable" xlink:to="ntrs_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationAbstract" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationAbstract_lbl" xml:lang="en-US">Total Realized and Unrealized</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationAbstract_lbl" xml:lang="en-US">Total Realized and Unrealized (Gains) Losses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationAbstract" xlink:to="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock" xlink:label="us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock_lbl" xml:lang="en-US">Assets Measured at Fair Value on a Nonrecurring Basis</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock" xlink:to="us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems" xlink:label="us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems_lbl" xml:lang="en-US">Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems" xlink:to="us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTable" xlink:label="us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTable_lbl" xml:lang="en-US">Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTable" xlink:to="us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:label="us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_lbl" xml:lang="en-US">Changes in Level 3 Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:to="us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:label="us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems_lbl" xml:lang="en-US">Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:to="us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueByBalanceSheetGroupingDisclosureItemAmountsAxis" xlink:label="us-gaap_FairValueByBalanceSheetGroupingDisclosureItemAmountsAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueByBalanceSheetGroupingDisclosureItemAmountsAxis_lbl" xml:lang="en-US">Fair Value, by Balance Sheet Grouping, Disclosure Item Amounts</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueByBalanceSheetGroupingDisclosureItemAmountsAxis" xlink:to="us-gaap_FairValueByBalanceSheetGroupingDisclosureItemAmountsAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueByBalanceSheetGroupingTable" xlink:label="us-gaap_FairValueByBalanceSheetGroupingTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueByBalanceSheetGroupingTable_lbl" xml:lang="en-US">Fair Value, by Balance Sheet Grouping [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueByBalanceSheetGroupingTable" xlink:to="us-gaap_FairValueByBalanceSheetGroupingTable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:label="us-gaap_FairValueByBalanceSheetGroupingTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueByBalanceSheetGroupingTextBlock_lbl" xml:lang="en-US">Book and Fair Values of Financial Instruments</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchasesSalesIssuancesSettlementsAbstract" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchasesSalesIssuancesSettlementsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchasesSalesIssuancesSettlementsAbstract_lbl" xml:lang="en-US">Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, Sales, Issuances, Settlements [Abstract]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_lbl" xml:lang="en-US">Fair Value Liabilities Ending Balance</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueOptionEligibleItemOrGroupDomain" xlink:label="us-gaap_FairValueOptionEligibleItemOrGroupDomain"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueOptionEligibleItemOrGroupDomain" xlink:to="us-gaap_FairValueOptionEligibleItemOrGroupDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueOptionQualitativeDisclosuresRelatedToElectionByEligibleItemOrGroupAxis" xlink:label="us-gaap_FairValueOptionQualitativeDisclosuresRelatedToElectionByEligibleItemOrGroupAxis"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueOptionQualitativeDisclosuresRelatedToElectionByEligibleItemOrGroupAxis" xlink:to="us-gaap_FairValueOptionQualitativeDisclosuresRelatedToElectionByEligibleItemOrGroupAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FederalFundsPurchased" xlink:label="us-gaap_FederalFundsPurchased"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResell" xlink:label="us-gaap_FederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResell"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResell_lbl" xml:lang="en-US">Federal Funds Sold and Resell Agreements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResell_lbl" xml:lang="en-US">Federal Funds Sold and Securities Purchased under Agreements to Resell</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FederalHomeLoanBankAdvancesLongTerm" xlink:label="us-gaap_FederalHomeLoanBankAdvancesLongTerm"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_FederalReserveAndFederalHomeLoanBankStock_lbl" xml:lang="en-US">This represents Federal Reserve and Federal Home Loan Bank stock.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_FederalReserveAndFederalHomeLoanBankStock_lbl" xml:lang="en-US">Federal Reserve and Federal Home Loan Bank Stock</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FinanceLeasesFinancingReceivableMember" xlink:label="us-gaap_FinanceLeasesFinancingReceivableMember"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinanceLeasesFinancingReceivableMember" xlink:to="us-gaap_FinanceLeasesFinancingReceivableMember_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_FinancialInstrumentDisclosureAxis" xlink:label="ntrs_FinancialInstrumentDisclosureAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_FinancialInstrumentDisclosureAxis_lbl" xml:lang="en-US">Financial Instrument Disclosure</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_FinancialInstrumentDisclosureAxis_lbl" xml:lang="en-US">Financial Instrument Disclosure</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_FinancialInstrumentDisclosureAxis" xlink:to="ntrs_FinancialInstrumentDisclosureAxis_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_FinancialInstrumentDisclosureDomain_lbl" xml:lang="en-US">Financial Instrument Disclosure [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_FinancialInstrumentDisclosureDomain_lbl" xml:lang="en-US">Financial Instrument Disclosure [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_FinancialInstrumentDisclosureDomain" xlink:to="ntrs_FinancialInstrumentDisclosureDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems" xlink:label="us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems_lbl" xml:lang="en-US">Financial Instruments Owned and Pledged as Collateral [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems" xlink:to="us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralTable" xlink:label="us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralTable_lbl" xml:lang="en-US">Financial Instruments Owned and Pledged as Collateral [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralTable" xlink:to="us-gaap_FinancialInstrumentsOwnedAndPledgedAsCollateralTable_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_FinancingReceivable30To59DaysPastDueMember" xlink:label="ntrs_FinancingReceivable30To59DaysPastDueMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_FinancingReceivable30To59DaysPastDueMember_lbl" xml:lang="en-US">Financing Receivable, 30 to 59 Days Past Due</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_FinancingReceivable30To59DaysPastDueMember_lbl" xml:lang="en-US">Financing Receivable, 30 to 59 Days Past Due</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_FinancingReceivable30To59DaysPastDueMember" xlink:to="ntrs_FinancingReceivable30To59DaysPastDueMember_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_FinancingReceivable60To89DaysPastDueMember" xlink:label="ntrs_FinancingReceivable60To89DaysPastDueMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_FinancingReceivable60To89DaysPastDueMember_lbl" xml:lang="en-US">Financing Receivable, 60 to 89 Days Past Due</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_FinancingReceivable60To89DaysPastDueMember_lbl" xml:lang="en-US">Financing Receivable, 60 to 89 Days Past Due</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_FinancingReceivable60To89DaysPastDueMember" xlink:to="ntrs_FinancingReceivable60To89DaysPastDueMember_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_FinancingReceivable90DaysAndGreaterPastDueMember" xlink:label="ntrs_FinancingReceivable90DaysAndGreaterPastDueMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_FinancingReceivable90DaysAndGreaterPastDueMember_lbl" xml:lang="en-US">Financing Receivable, 90 Days and Greater Past Due</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_FinancingReceivable90DaysAndGreaterPastDueMember_lbl" xml:lang="en-US">Financing Receivable, 90 Days and Greater Past Due</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_FinancingReceivable90DaysAndGreaterPastDueMember" xlink:to="ntrs_FinancingReceivable90DaysAndGreaterPastDueMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FinancingReceivableAllowanceDomain" xlink:label="us-gaap_FinancingReceivableAllowanceDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FinancingReceivableAllowanceDomain_lbl" xml:lang="en-US">Financing Receivable Allowance [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancingReceivableAllowanceDomain" xlink:to="us-gaap_FinancingReceivableAllowanceDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment" xlink:label="us-gaap_FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment_lbl" xml:lang="en-US">Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment_lbl" xml:lang="en-US">Evaluated for Inherent Impairment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment" xlink:to="us-gaap_FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment" xlink:label="us-gaap_FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment_lbl" xml:lang="en-US">Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment_lbl" xml:lang="en-US">Specifically Evaluated for Impairment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment" xlink:to="us-gaap_FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FinancingReceivableAllowanceForCreditLossesLineItems" xlink:label="us-gaap_FinancingReceivableAllowanceForCreditLossesLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FinancingReceivableAllowanceForCreditLossesLineItems_lbl" xml:lang="en-US">Financing Receivable, Allowance for Credit Losses [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancingReceivableAllowanceForCreditLossesLineItems" xlink:to="us-gaap_FinancingReceivableAllowanceForCreditLossesLineItems_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FinancingReceivableByCreditQualityIndicatorDomain" xlink:label="us-gaap_FinancingReceivableByCreditQualityIndicatorDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FinancingReceivableByCreditQualityIndicatorDomain_lbl" xml:lang="en-US">Financing Receivable, by Credit Quality Indicator [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancingReceivableByCreditQualityIndicatorDomain" xlink:to="us-gaap_FinancingReceivableByCreditQualityIndicatorDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FinancingReceivableCollectivelyEvaluatedForImpairment" xlink:label="us-gaap_FinancingReceivableCollectivelyEvaluatedForImpairment"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FinancingReceivableCollectivelyEvaluatedForImpairment_lbl" xml:lang="en-US">Financing Receivable, Collectively Evaluated for Impairment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_FinancingReceivableCollectivelyEvaluatedForImpairment_lbl" xml:lang="en-US">Evaluated for Inherent Impairment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancingReceivableCollectivelyEvaluatedForImpairment" xlink:to="us-gaap_FinancingReceivableCollectivelyEvaluatedForImpairment_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock" xlink:label="us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock_lbl" xml:lang="en-US">Loan and Lease Segment and Class Balances Segregated by Borrower Ratings into Below Average Risk, Average Risk, and Watch List Categories</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancingReceivableImpairedLineItems" xlink:to="us-gaap_FinancingReceivableImpairedLineItems_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_FinancingReceivableIndividuallyEvaluatedForImpairment_lbl" xml:lang="en-US">Specifically Evaluated for Impairment</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FinancingReceivableInformationByCreditQualityIndicatorAxis" xlink:label="us-gaap_FinancingReceivableInformationByCreditQualityIndicatorAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FinancingReceivableInformationByCreditQualityIndicatorAxis_lbl" xml:lang="en-US">Financing Receivable Information by Credit Quality Indicator</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancingReceivableInformationByCreditQualityIndicatorAxis" xlink:to="us-gaap_FinancingReceivableInformationByCreditQualityIndicatorAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_FinancingReceivableInformationByDelinquencyStatusAxis" xlink:label="ntrs_FinancingReceivableInformationByDelinquencyStatusAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_FinancingReceivableInformationByDelinquencyStatusAxis_lbl" xml:lang="en-US">Financing Receivable Information By Delinquency Status</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_FinancingReceivableInformationByDelinquencyStatusAxis_lbl" xml:lang="en-US">Financing Receivable Information By Delinquency Status</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_FinancingReceivableInformationByDelinquencyStatusAxis" xlink:to="ntrs_FinancingReceivableInformationByDelinquencyStatusAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_FinancingReceivableInformationByDelinquencyStatusDomain" xlink:label="ntrs_FinancingReceivableInformationByDelinquencyStatusDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_FinancingReceivableInformationByDelinquencyStatusDomain_lbl" xml:lang="en-US">Financing Receivable Information By Delinquency Status [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_FinancingReceivableInformationByDelinquencyStatusDomain_lbl" xml:lang="en-US">Financing Receivable Information By Delinquency Status [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_FinancingReceivableInformationByDelinquencyStatusDomain" xlink:to="ntrs_FinancingReceivableInformationByDelinquencyStatusDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FinancingReceivableInformationByPortfolioSegmentAxis" xlink:label="us-gaap_FinancingReceivableInformationByPortfolioSegmentAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FinancingReceivableInformationByPortfolioSegmentAxis_lbl" xml:lang="en-US">Financing Receivable Information by Portfolio Segment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancingReceivableInformationByPortfolioSegmentAxis" xlink:to="us-gaap_FinancingReceivableInformationByPortfolioSegmentAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_FinancingReceivableModificationsNumberOfContractsInPeriod" xlink:label="ntrs_FinancingReceivableModificationsNumberOfContractsInPeriod"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_FinancingReceivableModificationsNumberOfContractsInPeriod_lbl" xml:lang="en-US">Financing Receivable, Modifications, Number of Contracts in Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_FinancingReceivableModificationsNumberOfContractsInPeriod_lbl" xml:lang="en-US">Number of Loans and Lease</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_FinancingReceivableModificationsNumberOfContractsInPeriod" xlink:to="ntrs_FinancingReceivableModificationsNumberOfContractsInPeriod_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_FinancingReceivableModificationsRecordedInvestmentModifiedDuringPeriod" xlink:label="ntrs_FinancingReceivableModificationsRecordedInvestmentModifiedDuringPeriod"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_FinancingReceivableModificationsRecordedInvestmentModifiedDuringPeriod_lbl" xml:lang="en-US">Financing Receivable, Modifications, Recorded Investment, Modified During Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_FinancingReceivableModificationsRecordedInvestmentModifiedDuringPeriod_lbl" xml:lang="en-US">Financing Receivable, Modifications, Recorded Investment, Modified During Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ntrs_FinancingReceivableModificationsRecordedInvestmentModifiedDuringPeriod_lbl" xml:lang="en-US">Recorded Investment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_FinancingReceivableModificationsRecordedInvestmentModifiedDuringPeriod" xlink:to="ntrs_FinancingReceivableModificationsRecordedInvestmentModifiedDuringPeriod_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_FinancingReceivableModificationsUnpaidPrincipalBalance" xlink:label="ntrs_FinancingReceivableModificationsUnpaidPrincipalBalance"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_FinancingReceivableModificationsUnpaidPrincipalBalance_lbl" xml:lang="en-US">Financing Receivable, Modifications, Unpaid Principal Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_FinancingReceivableModificationsUnpaidPrincipalBalance_lbl" xml:lang="en-US">Financing Receivable, Modifications, Unpaid Principal Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ntrs_FinancingReceivableModificationsUnpaidPrincipalBalance_lbl" xml:lang="en-US">Unpaid Principal Balance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_FinancingReceivableModificationsUnpaidPrincipalBalance" xlink:to="ntrs_FinancingReceivableModificationsUnpaidPrincipalBalance_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FinancingReceivableRecordedInvestment30To59DaysPastDue" xlink:label="us-gaap_FinancingReceivableRecordedInvestment30To59DaysPastDue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FinancingReceivableRecordedInvestment30To59DaysPastDue_lbl" xml:lang="en-US">30 - 59 Days Past Due</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancingReceivableRecordedInvestment30To59DaysPastDue" xlink:to="us-gaap_FinancingReceivableRecordedInvestment30To59DaysPastDue_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FinancingReceivableRecordedInvestment60To89DaysPastDue" xlink:label="us-gaap_FinancingReceivableRecordedInvestment60To89DaysPastDue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FinancingReceivableRecordedInvestment60To89DaysPastDue_lbl" xml:lang="en-US">60 - 89 Days Past Due</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancingReceivableRecordedInvestment60To89DaysPastDue" xlink:to="us-gaap_FinancingReceivableRecordedInvestment60To89DaysPastDue_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis" xlink:label="us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis_lbl" xml:lang="en-US">Financing Receivable, Recorded Investment, by Class of Financing Receivable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis" xlink:to="us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain" xlink:label="us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain_lbl" xml:lang="en-US">Financing Receivable, Recorded Investment, Class of Financing Receivable [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain" xlink:to="us-gaap_FinancingReceivableRecordedInvestmentClassOfFinancingReceivableDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FinancingReceivableRecordedInvestmentCurrent" xlink:label="us-gaap_FinancingReceivableRecordedInvestmentCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FinancingReceivableRecordedInvestmentCurrent_lbl" xml:lang="en-US">Current</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancingReceivableRecordedInvestmentCurrent" xlink:to="us-gaap_FinancingReceivableRecordedInvestmentCurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FinancingReceivableRecordedInvestmentEqualToGreaterThan90DaysPastDue" xlink:label="us-gaap_FinancingReceivableRecordedInvestmentEqualToGreaterThan90DaysPastDue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FinancingReceivableRecordedInvestmentEqualToGreaterThan90DaysPastDue_lbl" xml:lang="en-US">90 Days or More Past Due</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancingReceivableRecordedInvestmentEqualToGreaterThan90DaysPastDue" xlink:to="us-gaap_FinancingReceivableRecordedInvestmentEqualToGreaterThan90DaysPastDue_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FinancingReceivableRecordedInvestmentLineItems" xlink:label="us-gaap_FinancingReceivableRecordedInvestmentLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FinancingReceivableRecordedInvestmentLineItems_lbl" xml:lang="en-US">Financing Receivable, Recorded Investment [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancingReceivableRecordedInvestmentLineItems" xlink:to="us-gaap_FinancingReceivableRecordedInvestmentLineItems_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems" xlink:label="us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems_lbl" xml:lang="en-US">Financing Receivable, Recorded Investment, Past Due [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems" xlink:to="us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FinancingReceivableTroubledDebtRestructuringsAxis" xlink:label="us-gaap_FinancingReceivableTroubledDebtRestructuringsAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FinancingReceivableTroubledDebtRestructuringsAxis_lbl" xml:lang="en-US">Financing Receivable, Troubled Debt Restructurings</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancingReceivableTroubledDebtRestructuringsAxis" xlink:to="us-gaap_FinancingReceivableTroubledDebtRestructuringsAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FinancingReceivableTroubledDebtRestructuringsDomain" xlink:label="us-gaap_FinancingReceivableTroubledDebtRestructuringsDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FinancingReceivableTroubledDebtRestructuringsDomain_lbl" xml:lang="en-US">Financing Receivable, Troubled Debt Restructurings [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancingReceivableTroubledDebtRestructuringsDomain" xlink:to="us-gaap_FinancingReceivableTroubledDebtRestructuringsDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_lbl" xml:lang="en-US">Less: Accumulated Amortization</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:to="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpense" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpense_lbl" xml:lang="en-US">Amortization expense related to other intangible assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpense" xlink:to="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpense_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsGross" xlink:label="us-gaap_FiniteLivedIntangibleAssetsGross"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiniteLivedIntangibleAssetsGross_lbl" xml:lang="en-US">Gross Carrying Amount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsGross" xlink:to="us-gaap_FiniteLivedIntangibleAssetsGross_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:label="us-gaap_FiniteLivedIntangibleAssetsLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiniteLivedIntangibleAssetsLineItems_lbl" xml:lang="en-US">Finite-Lived Intangible Assets [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:to="us-gaap_FiniteLivedIntangibleAssetsLineItems_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsNet" xlink:label="us-gaap_FiniteLivedIntangibleAssetsNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiniteLivedIntangibleAssetsNet_lbl" xml:lang="en-US">Net Book Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_FiniteLivedIntangibleAssetsNet_lbl" xml:lang="en-US">Net Book Value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsNet" xlink:to="us-gaap_FiniteLivedIntangibleAssetsNet_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_FloatingRateSecuritiesMember" xlink:label="ntrs_FloatingRateSecuritiesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_FloatingRateSecuritiesMember_lbl" xml:lang="en-US">Floating Rate Securities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_FloatingRateSecuritiesMember_lbl" xml:lang="en-US">Floating Rate Securities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_FloatingRateSecuritiesMember" xlink:to="ntrs_FloatingRateSecuritiesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_ForecastedForeignDenominatedTransactionsMember" xlink:label="ntrs_ForecastedForeignDenominatedTransactionsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_ForecastedForeignDenominatedTransactionsMember_lbl" xml:lang="en-US">Forecasted Foreign Denominated Transactions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_ForecastedForeignDenominatedTransactionsMember_lbl" xml:lang="en-US">Forecasted Foreign Currency Denominated Transactions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_ForecastedForeignDenominatedTransactionsMember" xlink:to="ntrs_ForecastedForeignDenominatedTransactionsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_ForecastedTransactionsAxis" xlink:label="ntrs_ForecastedTransactionsAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_ForecastedTransactionsAxis_lbl" xml:lang="en-US">Forecasted Transactions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_ForecastedTransactionsAxis_lbl" xml:lang="en-US">Forecasted Transactions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_ForecastedTransactionsAxis" xlink:to="ntrs_ForecastedTransactionsAxis_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_ForecastedTransactionsDomain_lbl" xml:lang="en-US">Forecasted Transactions [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_ForecastedTransactionsDomain_lbl" xml:lang="en-US">Forecasted Transactions [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_ForecastedTransactionsDomain" xlink:to="ntrs_ForecastedTransactionsDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ForeignCurrencyCashFlowHedgeGainLossToBeReclassifiedDuringNext12Months" xlink:label="us-gaap_ForeignCurrencyCashFlowHedgeGainLossToBeReclassifiedDuringNext12Months"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ForeignCurrencyGainLossMember" xlink:label="us-gaap_ForeignCurrencyGainLossMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ForeignCurrencyGainLossMember_lbl" xml:lang="en-US">Foreign Exchange Trading Income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ForeignCurrencyGainLossMember" xlink:to="us-gaap_ForeignCurrencyGainLossMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ForeignCurrencyTransactionGainLossBeforeTax" xlink:label="us-gaap_ForeignCurrencyTransactionGainLossBeforeTax"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ForeignCurrencyTransactionGainLossBeforeTax_lbl" xml:lang="en-US">Foreign Currency Transaction Gain (Loss), before Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ForeignCurrencyTransactionGainLossBeforeTax_lbl" xml:lang="en-US">Foreign Exchange Trading Income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ForeignCurrencyTransactionGainLossBeforeTax" xlink:to="us-gaap_ForeignCurrencyTransactionGainLossBeforeTax_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ForeignExchangeContractMember" xlink:label="us-gaap_ForeignExchangeContractMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ForeignExchangeContractMember_lbl" xml:lang="en-US">Foreign Exchange Contracts</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ForeignExchangeContractMember" xlink:to="us-gaap_ForeignExchangeContractMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ForeignGovernmentDebtSecuritiesMember" xlink:label="us-gaap_ForeignGovernmentDebtSecuritiesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ForeignGovernmentDebtSecuritiesMember_lbl" xml:lang="en-US">Non-U.S. Government Debt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ForeignGovernmentDebtSecuritiesMember" xlink:to="us-gaap_ForeignGovernmentDebtSecuritiesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ForeignPensionPlansDefinedBenefitMember" xlink:label="us-gaap_ForeignPensionPlansDefinedBenefitMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ForeignPensionPlansDefinedBenefitMember_lbl" xml:lang="en-US">Foreign Pension Plans, Defined Benefit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ForeignPensionPlansDefinedBenefitMember" xlink:to="us-gaap_ForeignPensionPlansDefinedBenefitMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ForwardContractsMember" xlink:label="us-gaap_ForwardContractsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ForwardContractsMember_lbl" xml:lang="en-US">Forward Contracts</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ForwardContractsMember" xlink:to="us-gaap_ForwardContractsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_FundingOfAssetsCostViaDebt" xlink:label="ntrs_FundingOfAssetsCostViaDebt"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_FundingOfAssetsCostViaDebt_lbl" xml:lang="en-US">Funding of asset's cost provided by third party non-recourse debt holders.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_FundingOfAssetsCostViaDebt_lbl" xml:lang="en-US">Funding of asset's cost via third party non recourse debt holders</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_FundingOfAssetsCostViaDebt" xlink:to="ntrs_FundingOfAssetsCostViaDebt_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_FundingOfAssetsCostViaEquityInterest" xlink:label="ntrs_FundingOfAssetsCostViaEquityInterest"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_FundingOfAssetsCostViaEquityInterest_lbl" xml:lang="en-US">Funding of asset's cost via an equity ownership in a trust.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_FundingOfAssetsCostViaEquityInterest_lbl" xml:lang="en-US">Funding of asset's cost via an equity interest</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_FundingOfAssetsCostViaEquityInterest" xlink:to="ntrs_FundingOfAssetsCostViaEquityInterest_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FutureAmortizationExpenseRemainderOfFiscalYear" xlink:label="us-gaap_FutureAmortizationExpenseRemainderOfFiscalYear"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FutureAmortizationExpenseRemainderOfFiscalYear_lbl" xml:lang="en-US">Estimated future amortization expense for remainder of 2011</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FutureAmortizationExpenseRemainderOfFiscalYear" xlink:to="us-gaap_FutureAmortizationExpenseRemainderOfFiscalYear_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FutureAmortizationExpenseYearFive" xlink:label="us-gaap_FutureAmortizationExpenseYearFive"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FutureAmortizationExpenseYearFive_lbl" xml:lang="en-US">Estimated future amortization expense for 2015</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FutureAmortizationExpenseYearFive" xlink:to="us-gaap_FutureAmortizationExpenseYearFive_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FutureAmortizationExpenseYearFour" xlink:label="us-gaap_FutureAmortizationExpenseYearFour"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FutureAmortizationExpenseYearFour_lbl" xml:lang="en-US">Estimated future amortization expense for 2014</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FutureAmortizationExpenseYearFour" xlink:to="us-gaap_FutureAmortizationExpenseYearFour_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FutureAmortizationExpenseYearThree" xlink:label="us-gaap_FutureAmortizationExpenseYearThree"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FutureAmortizationExpenseYearThree_lbl" xml:lang="en-US">Estimated future amortization expense for 2013</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FutureAmortizationExpenseYearThree" xlink:to="us-gaap_FutureAmortizationExpenseYearThree_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FutureAmortizationExpenseYearTwo" xlink:label="us-gaap_FutureAmortizationExpenseYearTwo"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FutureAmortizationExpenseYearTwo_lbl" xml:lang="en-US">Estimated future amortization expense for 2012</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FutureAmortizationExpenseYearTwo" xlink:to="us-gaap_FutureAmortizationExpenseYearTwo_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_GainLossOnInvestments" xlink:label="us-gaap_GainLossOnInvestments"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainLossOnInvestments_lbl" xml:lang="en-US">Investment Security Losses, net</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_GainLossOnInvestments_lbl" xml:lang="en-US">Investment Security Losses, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnInvestments" xlink:to="us-gaap_GainLossOnInvestments_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_GainLossOnInvestmentsByCategoryAxis" xlink:label="us-gaap_GainLossOnInvestmentsByCategoryAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainLossOnInvestmentsByCategoryAxis_lbl" xml:lang="en-US">Gain (Loss) on Investments by Category</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnInvestmentsByCategoryAxis" xlink:to="us-gaap_GainLossOnInvestmentsByCategoryAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_GainLossOnInvestmentsIncludingMarketableSecuritiesAndInvestmentsHeldAtCostCategoriesOfInvestmentsDomain" xlink:label="us-gaap_GainLossOnInvestmentsIncludingMarketableSecuritiesAndInvestmentsHeldAtCostCategoriesOfInvestmentsDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainLossOnInvestmentsIncludingMarketableSecuritiesAndInvestmentsHeldAtCostCategoriesOfInvestmentsDomain_lbl" xml:lang="en-US">Gain (Loss) on Investments, Including Marketable Securities and Investments Held at Cost, Categories of Investments [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnInvestmentsIncludingMarketableSecuritiesAndInvestmentsHeldAtCostCategoriesOfInvestmentsDomain" xlink:to="us-gaap_GainLossOnInvestmentsIncludingMarketableSecuritiesAndInvestmentsHeldAtCostCategoriesOfInvestmentsDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_GainOnFairValueHedgeIneffectiveness" xlink:label="us-gaap_GainOnFairValueHedgeIneffectiveness"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainOnFairValueHedgeIneffectiveness_lbl" xml:lang="en-US">The net gain/loss recognized in earnings during the period representing the amount of hedge ineffectiveness for fair value hedges of available for sale investment securities, senior notes, or subordinated debt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainOnFairValueHedgeIneffectiveness" xlink:to="us-gaap_GainOnFairValueHedgeIneffectiveness_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Goodwill" xlink:label="us-gaap_Goodwill"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Goodwill_lbl" xml:lang="en-US">Goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_Goodwill_lbl" xml:lang="en-US">Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_Goodwill_lbl" xml:lang="en-US">Beginning Balance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Goodwill" xlink:to="us-gaap_Goodwill_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_GoodwillAcquiredDuringPeriod" xlink:label="us-gaap_GoodwillAcquiredDuringPeriod"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GoodwillAcquiredDuringPeriod_lbl" xml:lang="en-US">Goodwill Acquired</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillAcquiredDuringPeriod" xlink:to="us-gaap_GoodwillAcquiredDuringPeriod_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_GoodwillAndIntangibleAssetsDisclosureLineItems" xlink:label="ntrs_GoodwillAndIntangibleAssetsDisclosureLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_GoodwillAndIntangibleAssetsDisclosureLineItems_lbl" xml:lang="en-US">Goodwill and Intangible Assets Disclosure [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_GoodwillAndIntangibleAssetsDisclosureLineItems_lbl" xml:lang="en-US">Goodwill and Intangible Assets Disclosure [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_GoodwillAndIntangibleAssetsDisclosureLineItems" xlink:to="ntrs_GoodwillAndIntangibleAssetsDisclosureLineItems_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_GoodwillAndIntangibleAssetsDisclosureTable" xlink:label="ntrs_GoodwillAndIntangibleAssetsDisclosureTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_GoodwillAndIntangibleAssetsDisclosureTable_lbl" xml:lang="en-US">Goodwill and Intangible Assets Disclosure [Table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_GoodwillAndIntangibleAssetsDisclosureTable_lbl" xml:lang="en-US">Goodwill and Intangible Assets Disclosure [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_GoodwillAndIntangibleAssetsDisclosureTable" xlink:to="ntrs_GoodwillAndIntangibleAssetsDisclosureTable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock" xlink:label="us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock_lbl" xml:lang="en-US">Goodwill and Other Intangibles</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock" xlink:to="us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_GoodwillLineItems" xlink:label="us-gaap_GoodwillLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GoodwillLineItems_lbl" xml:lang="en-US">Goodwill [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillLineItems" xlink:to="us-gaap_GoodwillLineItems_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_GoodwillOtherChanges" xlink:label="us-gaap_GoodwillOtherChanges"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GoodwillOtherChanges_lbl" xml:lang="en-US">Other Changes</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_GoodwillOtherChanges_lbl" xml:lang="en-US">Other Changes</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillOtherChanges" xlink:to="us-gaap_GoodwillOtherChanges_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_GuaranteeObligationsByNatureAxis" xlink:label="us-gaap_GuaranteeObligationsByNatureAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GuaranteeObligationsByNatureAxis_lbl" xml:lang="en-US">Guarantor Obligations by Nature</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GuaranteeObligationsByNatureAxis" xlink:to="us-gaap_GuaranteeObligationsByNatureAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_GuaranteeObligationsNatureDomain" xlink:label="us-gaap_GuaranteeObligationsNatureDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GuaranteeObligationsNatureDomain_lbl" xml:lang="en-US">Guarantor Obligations, Nature [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GuaranteeObligationsNatureDomain" xlink:to="us-gaap_GuaranteeObligationsNatureDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_GuaranteesFairValueDisclosure" xlink:label="us-gaap_GuaranteesFairValueDisclosure"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GuaranteesFairValueDisclosure_lbl" xml:lang="en-US">Financial Guarantees</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GuaranteesFairValueDisclosure" xlink:to="us-gaap_GuaranteesFairValueDisclosure_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_HedgedItemAxis" xlink:label="ntrs_HedgedItemAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_HedgedItemAxis_lbl" xml:lang="en-US">Hedged Item</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ImpairedFinancingReceivableWithRelatedAllowanceMember_lbl" xml:lang="en-US">Impaired Financing Receivable with Related Allowance [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ImpairedFinancingReceivableWithRelatedAllowanceMember" xlink:to="us-gaap_ImpairedFinancingReceivableWithRelatedAllowanceMember_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_IncomeLossBeforeIncomeTaxesIncludingFullyTaxableEquivalentAdjustment_lbl" xml:lang="en-US">Income (Loss) Before Income Taxes Including Fully Taxable-Equivalent Adjustment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_IncomeLossBeforeIncomeTaxesIncludingFullyTaxableEquivalentAdjustment_lbl" xml:lang="en-US">Income before Income Taxes</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="us-gaap_IncomeStatementAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeStatementAbstract_lbl" xml:lang="en-US">Income Statement [Abstract]</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeStatementAndOtherComprehensiveIncomeLocationDomain" xlink:label="us-gaap_IncomeStatementAndOtherComprehensiveIncomeLocationDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeStatementAndOtherComprehensiveIncomeLocationDomain_lbl" xml:lang="en-US">Income Statement and Other Comprehensive Income (Loss) Location [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementAndOtherComprehensiveIncomeLocationDomain" xlink:to="us-gaap_IncomeStatementAndOtherComprehensiveIncomeLocationDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeTaxDisclosureTextBlock" xlink:label="us-gaap_IncomeTaxDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxDisclosureTextBlock_lbl" xml:lang="en-US">Income Taxes</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxDisclosureTextBlock" xlink:to="us-gaap_IncomeTaxDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_IncomeTaxesLineItems" xlink:label="ntrs_IncomeTaxesLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_IncomeTaxesLineItems_lbl" xml:lang="en-US">Income Taxes [Line Items]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_IncomeTaxesTable_lbl" xml:lang="en-US">Income Taxes [Table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_IncomeTaxesTable_lbl" xml:lang="en-US">Income Taxes [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_IncomeTaxesTable" xlink:to="ntrs_IncomeTaxesTable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="us-gaap_IncomeTaxExpenseBenefit"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxExpenseBenefit" xlink:to="us-gaap_IncomeTaxExpenseBenefit_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_IncomeTaxExpenseBenefitIncludingFullyTaxableEquivalentAdjustment" xlink:label="ntrs_IncomeTaxExpenseBenefitIncludingFullyTaxableEquivalentAdjustment"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_IncomeTaxExpenseBenefitIncludingFullyTaxableEquivalentAdjustment_lbl" xml:lang="en-US">Income Tax Expense (Benefit) Including Fully Taxable Equivalent Adjustment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_IncomeTaxExpenseBenefitIncludingFullyTaxableEquivalentAdjustment_lbl" xml:lang="en-US">Provision for Income Taxes</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_IncomeTaxExpenseBenefitIncludingFullyTaxableEquivalentAdjustment" xlink:to="ntrs_IncomeTaxExpenseBenefitIncludingFullyTaxableEquivalentAdjustment_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInDeposits" xlink:label="us-gaap_IncreaseDecreaseInDeposits"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInDeposits_lbl" xml:lang="en-US">Net Increase in Deposits</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInDeposits" xlink:to="us-gaap_IncreaseDecreaseInDeposits_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInDerivativeAssets" xlink:label="us-gaap_IncreaseDecreaseInDerivativeAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInDerivativeAssets_lbl" xml:lang="en-US">Net Change in Derivative Fair Value, Including Required Collateral</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_IncreaseDecreaseInDerivativeAssets_lbl" xml:lang="en-US">Net Change in Derivative Fair Value, Including Required Collateral</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInFederalFundsPurchased" xlink:label="us-gaap_IncreaseDecreaseInFederalFundsPurchased"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInFederalFundsPurchased_lbl" xml:lang="en-US">Net Decrease in Federal Funds Purchased</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_IncreaseDecreaseInFederalFundsPurchased_lbl" xml:lang="en-US">Net Decrease in Federal Funds Purchased</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInInterestPayableNet_lbl" xml:lang="en-US">Increase (Decrease) in Interest Payable</label>
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    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_InterestBearingDepositsInFederalReserveAndOtherCentralBanks" xlink:label="ntrs_InterestBearingDepositsInFederalReserveAndOtherCentralBanks"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InterestExpense" xlink:label="us-gaap_InterestExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestExpense_lbl" xml:lang="en-US">Interest Expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_InterestExpense_lbl" xml:lang="en-US">Total Interest Expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpense" xlink:to="us-gaap_InterestExpense_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InterestExpenseAbstract" xlink:label="us-gaap_InterestExpenseAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestExpenseAbstract_lbl" xml:lang="en-US">Interest Expense [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_InterestExpenseAbstract_lbl" xml:lang="en-US">Interest Expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpenseAbstract" xlink:to="us-gaap_InterestExpenseAbstract_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestExpenseDeposits_lbl" xml:lang="en-US">Interest Expense, Deposits</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_InterestExpenseDeposits_lbl" xml:lang="en-US">Deposits</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpenseDeposits" xlink:to="us-gaap_InterestExpenseDeposits_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InterestExpenseFederalFundsPurchased" xlink:label="us-gaap_InterestExpenseFederalFundsPurchased"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestExpenseFederalFundsPurchased_lbl" xml:lang="en-US">Interest Expense, Federal Funds Purchased</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_InterestExpenseFederalFundsPurchased_lbl" xml:lang="en-US">Federal Funds Purchased</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InterestExpenseJuniorSubordinatedDebentures" xlink:label="us-gaap_InterestExpenseJuniorSubordinatedDebentures"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestExpenseJuniorSubordinatedDebentures_lbl" xml:lang="en-US">Interest Expense, Junior Subordinated Debentures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_InterestExpenseJuniorSubordinatedDebentures_lbl" xml:lang="en-US">Floating Rate Capital Debt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpenseJuniorSubordinatedDebentures" xlink:to="us-gaap_InterestExpenseJuniorSubordinatedDebentures_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InterestExpenseMember" xlink:label="us-gaap_InterestExpenseMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestExpenseMember_lbl" xml:lang="en-US">Interest Expense (Member)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpenseMember" xlink:to="us-gaap_InterestExpenseMember_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_InterestExpenseOtherBorrowings_lbl" xml:lang="en-US">Interest expense incurred during the reporting period on other borrowings.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_InterestExpenseOtherBorrowings_lbl" xml:lang="en-US">Interest Expense, Other borrowings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ntrs_InterestExpenseOtherBorrowings_lbl" xml:lang="en-US">Other Borrowings</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_InterestExpenseOtherBorrowings" xlink:to="ntrs_InterestExpenseOtherBorrowings_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InterestExpenseOtherLongTermDebt" xlink:label="us-gaap_InterestExpenseOtherLongTermDebt"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestExpenseOtherLongTermDebt_lbl" xml:lang="en-US">Interest Expense, Other Long-term Debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_InterestExpenseOtherLongTermDebt_lbl" xml:lang="en-US">Long-Term Debt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpenseOtherLongTermDebt" xlink:to="us-gaap_InterestExpenseOtherLongTermDebt_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase" xlink:label="us-gaap_InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase_lbl" xml:lang="en-US">Interest Expense, Securities Sold under Agreements to Repurchase</label>
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    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_InterestExpenseSeniorNotes" xlink:label="ntrs_InterestExpenseSeniorNotes"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_InterestExpenseSeniorNotes_lbl" xml:lang="en-US">Interest expense incurred during the reporting period on senior notes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_InterestExpenseSeniorNotes_lbl" xml:lang="en-US">Interest Expense, Senior Notes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ntrs_InterestExpenseSeniorNotes_lbl" xml:lang="en-US">Senior Notes</label>
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    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_InterestIncomeAndInterestExpenseDisclosureTableTextBlock" xlink:label="ntrs_InterestIncomeAndInterestExpenseDisclosureTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_InterestIncomeAndInterestExpenseDisclosureTableTextBlock_lbl" xml:lang="en-US">Interest Income and Interest Expense Disclosure Table</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_InterestIncomeAndInterestExpenseDisclosureTableTextBlock_lbl" xml:lang="en-US">Interest Income and Interest Expense Disclosure Table</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ntrs_InterestIncomeAndInterestExpenseDisclosureTableTextBlock_lbl" xml:lang="en-US">Net Interest Income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_InterestIncomeAndInterestExpenseDisclosureTableTextBlock" xlink:to="ntrs_InterestIncomeAndInterestExpenseDisclosureTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InterestIncomeAndInterestExpenseDisclosureTextBlock" xlink:label="us-gaap_InterestIncomeAndInterestExpenseDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestIncomeAndInterestExpenseDisclosureTextBlock_lbl" xml:lang="en-US">Interest Income and Interest Expense Disclosure</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_InterestIncomeAndInterestExpenseDisclosureTextBlock_lbl" xml:lang="en-US">Net Interest Income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestIncomeAndInterestExpenseDisclosureTextBlock" xlink:to="us-gaap_InterestIncomeAndInterestExpenseDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InterestIncomeDepositsWithFinancialInstitutions" xlink:label="us-gaap_InterestIncomeDepositsWithFinancialInstitutions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestIncomeDepositsWithFinancialInstitutions_lbl" xml:lang="en-US">Interest Income, Deposits with Financial Institutions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_InterestIncomeDepositsWithFinancialInstitutions_lbl" xml:lang="en-US">Interest-Bearing Deposits with Banks</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestIncomeDepositsWithFinancialInstitutions" xlink:to="us-gaap_InterestIncomeDepositsWithFinancialInstitutions_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InterestIncomeExpenseAfterProvisionForLoanLoss" xlink:label="us-gaap_InterestIncomeExpenseAfterProvisionForLoanLoss"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestIncomeExpenseAfterProvisionForLoanLoss_lbl" xml:lang="en-US">Net Interest Income after Provision for Credit Losses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_InterestIncomeExpenseAfterProvisionForLoanLoss_lbl" xml:lang="en-US">Net Interest Income after Provision for Credit Losses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestIncomeExpenseAfterProvisionForLoanLoss" xlink:to="us-gaap_InterestIncomeExpenseAfterProvisionForLoanLoss_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InterestIncomeExpenseNet" xlink:label="us-gaap_InterestIncomeExpenseNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestIncomeExpenseNet_lbl" xml:lang="en-US">Interest Income (Expense), Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_InterestIncomeExpenseNet_lbl" xml:lang="en-US">Net Interest Income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestIncomeExpenseNet" xlink:to="us-gaap_InterestIncomeExpenseNet_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InterestIncomeExpenseNetAbstract" xlink:label="us-gaap_InterestIncomeExpenseNetAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestIncomeExpenseNetAbstract_lbl" xml:lang="en-US">Interest Income (Expense), Net [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_InterestIncomeExpenseNetAbstract_lbl" xml:lang="en-US">Net Interest Income</label>
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    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_InterestIncomeFederalReserveDepositsAndOther" xlink:label="ntrs_InterestIncomeFederalReserveDepositsAndOther"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_InterestIncomeFederalReserveDepositsAndOther_lbl" xml:lang="en-US">Interest Income, Federal Reserve Deposits and Other</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_InterestIncomeFederalReserveDepositsAndOther_lbl" xml:lang="en-US">Federal Reserve Deposits and Other</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InterestIncomeMember" xlink:label="us-gaap_InterestIncomeMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestIncomeMember_lbl" xml:lang="en-US">Interest Income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestIncomeMember" xlink:to="us-gaap_InterestIncomeMember_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentHoldingsTable_lbl" xml:lang="en-US">Investment Holdings [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentHoldingsTable" xlink:to="us-gaap_InvestmentHoldingsTable_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_InvestmentsClassifiedByContractualMaturityDateTable_lbl" xml:lang="en-US">Investments Classified by Contractual Maturity Date [Table]</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_InvestmentSecurityGainsLossesNet" xlink:to="ntrs_InvestmentSecurityGainsLossesNet_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LiabilitiesAbstract_lbl" xml:lang="en-US">Liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAbstract" xlink:to="us-gaap_LiabilitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US">Total Liabilities and Stockholders' Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US">Total Liabilities and Stockholders' Equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesFairValueDisclosure" xlink:label="us-gaap_LiabilitiesFairValueDisclosure"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesFairValueDisclosure_lbl" xml:lang="en-US">Total Liabilities at Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesFairValueDisclosure_lbl" xml:lang="en-US">Total Liabilities at Fair Value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesFairValueDisclosure" xlink:to="us-gaap_LiabilitiesFairValueDisclosure_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_LoanCommitmentMember" xlink:label="ntrs_LoanCommitmentMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_LoanCommitmentMember_lbl" xml:lang="en-US">Loan Commitment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_LoanCommitmentMember_lbl" xml:lang="en-US">Loan Commitments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_LoanCommitmentMember" xlink:to="ntrs_LoanCommitmentMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LoansAndLeasesReceivableAllowance" xlink:label="us-gaap_LoansAndLeasesReceivableAllowance"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LoansAndLeasesReceivableAllowance_lbl" xml:lang="en-US">Allowance Assigned to Loans and Leases</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_LoansAndLeasesReceivableAllowance_lbl" xml:lang="en-US">Allowance for Credit Losses Assigned to Loans and Leases</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LoansAndLeasesReceivableAllowance" xlink:to="us-gaap_LoansAndLeasesReceivableAllowance_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_LoansAndLeasesReceivableAllowanceForLosses" xlink:label="ntrs_LoansAndLeasesReceivableAllowanceForLosses"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_LoansAndLeasesReceivableAllowanceForLosses_lbl" xml:lang="en-US">This represents reserve for credit losses at the respective balance sheet date.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_LoansAndLeasesReceivableAllowanceForLosses_lbl" xml:lang="en-US">Total Allowance for Credit Losses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ntrs_LoansAndLeasesReceivableAllowanceForLosses_lbl" xml:lang="en-US">Balance at End of Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ntrs_LoansAndLeasesReceivableAllowanceForLosses_lbl" xml:lang="en-US">Balance at Beginning of Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ntrs_LoansAndLeasesReceivableAllowanceForLosses_lbl" xml:lang="en-US">Total Allowance for Credit Losses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_LoansAndLeasesReceivableAllowanceForLosses" xlink:to="ntrs_LoansAndLeasesReceivableAllowanceForLosses_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LoansAndLeasesReceivableCommercial" xlink:label="us-gaap_LoansAndLeasesReceivableCommercial"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LoansAndLeasesReceivableCommercial_lbl" xml:lang="en-US">Loans and Leases Receivable, Gross, Commercial</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LoansAndLeasesReceivableCommercial_lbl" xml:lang="en-US">Commercial</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LoansAndLeasesReceivableCommercial" xlink:to="us-gaap_LoansAndLeasesReceivableCommercial_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LoansAndLeasesReceivableConsumer" xlink:label="us-gaap_LoansAndLeasesReceivableConsumer"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LoansAndLeasesReceivableConsumer_lbl" xml:lang="en-US">Loans and Leases Receivable, Gross, Consumer</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LoansAndLeasesReceivableConsumer_lbl" xml:lang="en-US">Personal</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LoansAndLeasesReceivableConsumer" xlink:to="us-gaap_LoansAndLeasesReceivableConsumer_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LoansAndLeasesReceivableDeferredIncome" xlink:label="us-gaap_LoansAndLeasesReceivableDeferredIncome"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LoansAndLeasesReceivableDeferredIncome_lbl" xml:lang="en-US">Total Loans and Leases, unearned income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LoansAndLeasesReceivableDeferredIncome" xlink:to="us-gaap_LoansAndLeasesReceivableDeferredIncome_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LoansAndLeasesReceivableForeignNetOfDeferredIncome" xlink:label="us-gaap_LoansAndLeasesReceivableForeignNetOfDeferredIncome"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LoansAndLeasesReceivableForeignNetOfDeferredIncome_lbl" xml:lang="en-US">Loans and Leases Receivable, Foreign, Net of Deferred Income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LoansAndLeasesReceivableForeignNetOfDeferredIncome_lbl" xml:lang="en-US">Non-U.S.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LoansAndLeasesReceivableForeignNetOfDeferredIncome" xlink:to="us-gaap_LoansAndLeasesReceivableForeignNetOfDeferredIncome_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome" xlink:label="us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome_lbl" xml:lang="en-US">Total Loans and Leases</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome_lbl" xml:lang="en-US">Total Loans and Leases</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome" xlink:to="us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LoansAndLeasesReceivableNetOfDeferredIncomeAbstract" xlink:label="us-gaap_LoansAndLeasesReceivableNetOfDeferredIncomeAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LoansAndLeasesReceivableNetOfDeferredIncomeAbstract_lbl" xml:lang="en-US">Loans and Leases Receivable, Net of Deferred Income [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LoansAndLeasesReceivableNetOfDeferredIncomeAbstract_lbl" xml:lang="en-US">Loans and Leases</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LoansAndLeasesReceivableNetOfDeferredIncomeAbstract" xlink:to="us-gaap_LoansAndLeasesReceivableNetOfDeferredIncomeAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LoansAndLeasesReceivableNetReportedAmount" xlink:label="us-gaap_LoansAndLeasesReceivableNetReportedAmount"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LoansAndLeasesReceivableNetReportedAmount_lbl" xml:lang="en-US">Net Loans and Leases</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LoansAndLeasesReceivableNetReportedAmount_lbl" xml:lang="en-US">Net Loans and Leases</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LoansAndLeasesReceivableNetReportedAmount" xlink:to="us-gaap_LoansAndLeasesReceivableNetReportedAmount_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_LoansAndLeasesReceivableNonaccrualLoanAndLeasePolicy" xlink:label="ntrs_LoansAndLeasesReceivableNonaccrualLoanAndLeasePolicy"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_LoansAndLeasesReceivableNonaccrualLoanAndLeasePolicy_lbl" xml:lang="en-US">Describes the policy as to when a loan ceases to accrue interest or other revenue because the borrower is in financial difficulty. Also includes the policy for determining past-due or delinquency status (i.e. whether past-due status is based on how recently payments have been received or on contractual terms).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_LoansAndLeasesReceivableNonaccrualLoanAndLeasePolicy_lbl" xml:lang="en-US">Days contractually past due for interest and principal and the loan is not well-secured and in the process of collection</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_LoansAndLeasesReceivableNonaccrualLoanAndLeasePolicy" xlink:to="ntrs_LoansAndLeasesReceivableNonaccrualLoanAndLeasePolicy_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LoansAndLeasesReceivableOther" xlink:label="us-gaap_LoansAndLeasesReceivableOther"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LoansAndLeasesReceivableOther_lbl" xml:lang="en-US">Loans and Leases Receivable, Gross, Other</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LoansAndLeasesReceivableOther_lbl" xml:lang="en-US">Other</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LoansAndLeasesReceivableOther" xlink:to="us-gaap_LoansAndLeasesReceivableOther_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_LoansAndLeasesReceivablePrivateClient" xlink:label="ntrs_LoansAndLeasesReceivablePrivateClient"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_LoansAndLeasesReceivablePrivateClient_lbl" xml:lang="en-US">Loans and Leases Receivable, Private Client</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_LoansAndLeasesReceivablePrivateClient_lbl" xml:lang="en-US">Loans and Leases Receivable, Private Client</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ntrs_LoansAndLeasesReceivablePrivateClient_lbl" xml:lang="en-US">Private Client</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_LoansAndLeasesReceivablePrivateClient" xlink:to="ntrs_LoansAndLeasesReceivablePrivateClient_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_LoansAndLeasesReceivableResidentialRealEstate" xlink:label="ntrs_LoansAndLeasesReceivableResidentialRealEstate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_LoansAndLeasesReceivableResidentialRealEstate_lbl" xml:lang="en-US">Loans and Leases Receivable, Residential, Real Estate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_LoansAndLeasesReceivableResidentialRealEstate_lbl" xml:lang="en-US">Loans and Leases Receivable, Residential, Real Estate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ntrs_LoansAndLeasesReceivableResidentialRealEstate_lbl" xml:lang="en-US">Residential Real Estate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_LoansAndLeasesReceivableResidentialRealEstate" xlink:to="ntrs_LoansAndLeasesReceivableResidentialRealEstate_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_LoansAndLeasesReceivableTroubledDebtRestructuringReclassification" xlink:label="ntrs_LoansAndLeasesReceivableTroubledDebtRestructuringReclassification"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_LoansAndLeasesReceivableTroubledDebtRestructuringReclassification_lbl" xml:lang="en-US">Policy for loan agreements whose terms have been modified because of the inability of the borrower for financial reasons to comply with the terms of the original loan agreement. A creditor discloses material facts pertaining to significant modifications.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_LoansAndLeasesReceivableTroubledDebtRestructuringReclassification_lbl" xml:lang="en-US">Period for which troubled debt restructurings with modified terms is performing before ceasing to be classified as impaired loan</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_LoansAndLeasesReceivableTroubledDebtRestructuringReclassification" xlink:to="ntrs_LoansAndLeasesReceivableTroubledDebtRestructuringReclassification_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LoansHeldForSaleMortgages" xlink:label="us-gaap_LoansHeldForSaleMortgages"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LoansHeldForSaleMortgages_lbl" xml:lang="en-US">Loans Held-for-sale, Mortgages</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LoansHeldForSaleMortgages_lbl" xml:lang="en-US">Residential real estate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LoansHeldForSaleMortgages" xlink:to="us-gaap_LoansHeldForSaleMortgages_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LoansMember" xlink:label="us-gaap_LoansMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LoansMember_lbl" xml:lang="en-US">Loans</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LoansMember" xlink:to="us-gaap_LoansMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock" xlink:label="us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock_lbl" xml:lang="en-US">Loans, Notes, Trade and Other Receivables Disclosure</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock_lbl" xml:lang="en-US">Loans and Leases</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock" xlink:to="us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LoansReceivableCommercialFinancialAndAgricultural" xlink:label="us-gaap_LoansReceivableCommercialFinancialAndAgricultural"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LoansReceivableCommercialFinancialAndAgricultural_lbl" xml:lang="en-US">Loans Receivable, Gross, Commercial, Financial and Agricultural</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LoansReceivableCommercialFinancialAndAgricultural_lbl" xml:lang="en-US">Commercial and Institutional</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LoansReceivableCommercialFinancialAndAgricultural" xlink:to="us-gaap_LoansReceivableCommercialFinancialAndAgricultural_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LoansReceivableCommercialRealEstate" xlink:label="us-gaap_LoansReceivableCommercialRealEstate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LoansReceivableCommercialRealEstate_lbl" xml:lang="en-US">Loans Receivable, Gross, Commercial, Real Estate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LoansReceivableCommercialRealEstate_lbl" xml:lang="en-US">Commercial Real Estate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LoansReceivableCommercialRealEstate" xlink:to="us-gaap_LoansReceivableCommercialRealEstate_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LoansReceivableHeldForSaleNet" xlink:label="us-gaap_LoansReceivableHeldForSaleNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LoansReceivableHeldForSaleNet_lbl" xml:lang="en-US">Held for Sale</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LoansReceivableHeldForSaleNet" xlink:to="us-gaap_LoansReceivableHeldForSaleNet_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_LoansReceivableHeldToMaturity" xlink:label="ntrs_LoansReceivableHeldToMaturity"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_LoansReceivableHeldToMaturity_lbl" xml:lang="en-US">This represents loans receivable that will be held to maturity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_LoansReceivableHeldToMaturity_lbl" xml:lang="en-US">Held for Investment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_LoansReceivableHeldToMaturity" xlink:to="ntrs_LoansReceivableHeldToMaturity_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LoansReceivableNetAbstract" xlink:label="us-gaap_LoansReceivableNetAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LoansReceivableNetAbstract_lbl" xml:lang="en-US">Loans (excluding Leases)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LoansReceivableNetAbstract" xlink:to="us-gaap_LoansReceivableNetAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_LoansReceivableOverdraftAdvances" xlink:label="ntrs_LoansReceivableOverdraftAdvances"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_LoansReceivableOverdraftAdvances_lbl" xml:lang="en-US">This element represents short duration advances, primarily related to overdrafts associated with the timing of custody client's investments included in other U.S. and non-U.S. loans.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_LoansReceivableOverdraftAdvances_lbl" xml:lang="en-US">Other U.S. loans and non-U.S. loans, short duration advances</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_LoansReceivableOverdraftAdvances" xlink:to="ntrs_LoansReceivableOverdraftAdvances_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LongTermDebtAbstract" xlink:label="us-gaap_LongTermDebtAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtAbstract_lbl" xml:lang="en-US">Long Term Debt (excluding Leases)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtAbstract" xlink:to="us-gaap_LongTermDebtAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LongtermDebtTypeAxis" xlink:label="us-gaap_LongtermDebtTypeAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongtermDebtTypeAxis_lbl" xml:lang="en-US">Long-term Debt, Type</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongtermDebtTypeAxis" xlink:to="us-gaap_LongtermDebtTypeAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="us-gaap_LongtermDebtTypeDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongtermDebtTypeDomain_lbl" xml:lang="en-US">Long-term Debt, Type [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongtermDebtTypeDomain" xlink:to="us-gaap_LongtermDebtTypeDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LossContingenciesByNatureOfContingencyAxis" xlink:label="us-gaap_LossContingenciesByNatureOfContingencyAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LossContingenciesByNatureOfContingencyAxis_lbl" xml:lang="en-US">Loss Contingencies by Nature of Contingency</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LossContingenciesByNatureOfContingencyAxis" xlink:to="us-gaap_LossContingenciesByNatureOfContingencyAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LossContingenciesLineItems" xlink:label="us-gaap_LossContingenciesLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LossContingenciesLineItems_lbl" xml:lang="en-US">Loss Contingencies [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LossContingenciesLineItems" xlink:to="us-gaap_LossContingenciesLineItems_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LossContingenciesTable" xlink:label="us-gaap_LossContingenciesTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LossContingenciesTable_lbl" xml:lang="en-US">Loss Contingencies [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LossContingenciesTable" xlink:to="us-gaap_LossContingenciesTable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LossContingencyDisclosures" xlink:label="us-gaap_LossContingencyDisclosures"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LossContingencyDisclosures_lbl" xml:lang="en-US">Contingent Liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LossContingencyDisclosures" xlink:to="us-gaap_LossContingencyDisclosures_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LossContingencyNatureDomain" xlink:label="us-gaap_LossContingencyNatureDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LossContingencyNatureDomain_lbl" xml:lang="en-US">Loss Contingency, Nature [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LossContingencyNatureDomain" xlink:to="us-gaap_LossContingencyNatureDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LossContingencyRangeOfPossibleLossPortionNotAccrued" xlink:label="us-gaap_LossContingencyRangeOfPossibleLossPortionNotAccrued"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LossContingencyRangeOfPossibleLossPortionNotAccrued_lbl" xml:lang="en-US">Possible loss in future periods in excess of accrual</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LossContingencyRangeOfPossibleLossPortionNotAccrued" xlink:to="us-gaap_LossContingencyRangeOfPossibleLossPortionNotAccrued_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LossOnDiscontinuationOfCashFlowHedgeDueToForecastedTransactionProbableOfNotOccurring" xlink:label="us-gaap_LossOnDiscontinuationOfCashFlowHedgeDueToForecastedTransactionProbableOfNotOccurring"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LossOnDiscontinuationOfCashFlowHedgeDueToForecastedTransactionProbableOfNotOccurring_lbl" xml:lang="en-US">Net foreign exchange contract losses reclassified from AOCI</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LossOnDiscontinuationOfCashFlowHedgeDueToForecastedTransactionProbableOfNotOccurring" xlink:to="us-gaap_LossOnDiscontinuationOfCashFlowHedgeDueToForecastedTransactionProbableOfNotOccurring_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_MajorTypesOfDebtAndEquitySecuritiesDomain" xlink:label="us-gaap_MajorTypesOfDebtAndEquitySecuritiesDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MajorTypesOfDebtAndEquitySecuritiesDomain_lbl" xml:lang="en-US">Major Types of Debt and Equity Securities [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MajorTypesOfDebtAndEquitySecuritiesDomain" xlink:to="us-gaap_MajorTypesOfDebtAndEquitySecuritiesDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_MajorTypesOfDebtSecuritiesDomain" xlink:label="us-gaap_MajorTypesOfDebtSecuritiesDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MajorTypesOfDebtSecuritiesDomain_lbl" xml:lang="en-US">Major Types of Debt Securities [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MajorTypesOfDebtSecuritiesDomain" xlink:to="us-gaap_MajorTypesOfDebtSecuritiesDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_MarketableSecurities" xlink:label="us-gaap_MarketableSecurities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MarketableSecurities_lbl" xml:lang="en-US">Total Securities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_MarketableSecurities_lbl" xml:lang="en-US">Total Securities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MarketableSecurities" xlink:to="us-gaap_MarketableSecurities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_MarketableSecuritiesAbstract" xlink:label="us-gaap_MarketableSecuritiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MarketableSecuritiesAbstract_lbl" xml:lang="en-US">Marketable Securities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_MarketableSecuritiesAbstract_lbl" xml:lang="en-US">Securities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MarketableSecuritiesAbstract" xlink:to="us-gaap_MarketableSecuritiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_MaximumLengthOfTimeHedgedInForeignCurrencyCashFlowHedge" xlink:label="us-gaap_MaximumLengthOfTimeHedgedInForeignCurrencyCashFlowHedge"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MaximumLengthOfTimeHedgedInForeignCurrencyCashFlowHedge_lbl" xml:lang="en-US">Maximum length of time being hedged for exposure to variability in future cash flows of forecasted foreign currency denominated transactions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MaximumLengthOfTimeHedgedInForeignCurrencyCashFlowHedge" xlink:to="us-gaap_MaximumLengthOfTimeHedgedInForeignCurrencyCashFlowHedge_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_MaximumMember" xlink:label="us-gaap_MaximumMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MaximumMember_lbl" xml:lang="en-US">Upper Limit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MaximumMember" xlink:to="us-gaap_MaximumMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_MinimumMember" xlink:label="us-gaap_MinimumMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinimumMember_lbl" xml:lang="en-US">Lower Limit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinimumMember" xlink:to="us-gaap_MinimumMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_MortgageLoansOnRealEstateLoanTypeAxis" xlink:label="us-gaap_MortgageLoansOnRealEstateLoanTypeAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MortgageLoansOnRealEstateLoanTypeAxis_lbl" xml:lang="en-US">Mortgage Loans on Real Estate, Loan Type</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MortgageLoansOnRealEstateLoanTypeAxis" xlink:to="us-gaap_MortgageLoansOnRealEstateLoanTypeAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_MortgageLoansOnRealEstateLoanTypeDomain" xlink:label="us-gaap_MortgageLoansOnRealEstateLoanTypeDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MortgageLoansOnRealEstateLoanTypeDomain_lbl" xml:lang="en-US">Mortgage Loans on Real Estate, Loan Type [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MortgageLoansOnRealEstateLoanTypeDomain" xlink:to="us-gaap_MortgageLoansOnRealEstateLoanTypeDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Financing Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Financing Activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US">Cash Flows from Financing Activities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Investing Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Investing Activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US">Cash Flows from Investing Activities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US">Net Cash Provided by (Used In) Operating Activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Cash Flows from Operating Activities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_NetChangeInClientSecuritySettlementReceivables" xlink:label="ntrs_NetChangeInClientSecuritySettlementReceivables"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_NetChangeInClientSecuritySettlementReceivables_lbl" xml:lang="en-US">Net increase (decrease) in collection items presented on behalf of custody clients.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_NetChangeInClientSecuritySettlementReceivables_lbl" xml:lang="en-US">Net (Increase) Decrease in Client Security Settlement Receivables</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="ntrs_NetChangeInClientSecuritySettlementReceivables_lbl" xml:lang="en-US">Net (Increase) Decrease in Client Security Settlement Receivables</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_NetChangeInClientSecuritySettlementReceivables" xlink:to="ntrs_NetChangeInClientSecuritySettlementReceivables_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Net Income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Net Income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_NetIncomeLossAllocatedToCommonStockholdersBasic" xlink:label="ntrs_NetIncomeLossAllocatedToCommonStockholdersBasic"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_NetInterestIncomeLineItems_lbl" xml:lang="en-US">Net Interest Income [Line Items]</label>
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    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_NonAgencyResidentialMortgageBackedSecuritiesMember" xlink:label="ntrs_NonAgencyResidentialMortgageBackedSecuritiesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_NonAgencyResidentialMortgageBackedSecuritiesMember_lbl" xml:lang="en-US">Non Agency Residential Mortgage Backed Securities</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_NonAgencyResidentialMortgageBackedSecuritiesMember" xlink:to="ntrs_NonAgencyResidentialMortgageBackedSecuritiesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_NoncreditRelatedUnrealizedLossesOnSecuritiesOTTIMember" xlink:label="ntrs_NoncreditRelatedUnrealizedLossesOnSecuritiesOTTIMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_NoncreditRelatedUnrealizedLossesOnSecuritiesOTTIMember_lbl" xml:lang="en-US">Noncredit Related Unrealized Losses on Securities OTTI</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_NoncreditRelatedUnrealizedLossesOnSecuritiesOTTIMember" xlink:to="ntrs_NoncreditRelatedUnrealizedLossesOnSecuritiesOTTIMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NondesignatedMember" xlink:label="us-gaap_NondesignatedMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NondesignatedMember_lbl" xml:lang="en-US">Nondesignated</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NoninterestBearingDepositLiabilitiesDomestic" xlink:label="us-gaap_NoninterestBearingDepositLiabilitiesDomestic"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NoninterestBearingDepositLiabilitiesDomestic_lbl" xml:lang="en-US">Demand and Other Noninterest-Bearing</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoninterestBearingDepositLiabilitiesDomestic" xlink:to="us-gaap_NoninterestBearingDepositLiabilitiesDomestic_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NoninterestBearingDepositLiabilitiesForeign" xlink:label="us-gaap_NoninterestBearingDepositLiabilitiesForeign"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NoninterestBearingDepositLiabilitiesForeign_lbl" xml:lang="en-US">Non U.S. Offices - Noninterest-Bearing</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoninterestBearingDepositLiabilitiesForeign" xlink:to="us-gaap_NoninterestBearingDepositLiabilitiesForeign_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NoninterestExpense" xlink:label="us-gaap_NoninterestExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NoninterestExpense_lbl" xml:lang="en-US">Noninterest Expenses</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NoninterestExpenseAbstract" xlink:label="us-gaap_NoninterestExpenseAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NoninterestExpenseAbstract_lbl" xml:lang="en-US">Noninterest Expense</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NoninterestIncome" xlink:label="us-gaap_NoninterestIncome"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NoninterestIncome_lbl" xml:lang="en-US">Total Noninterest Income</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NoninterestIncomeAbstract" xlink:label="us-gaap_NoninterestIncomeAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NoninterestIncomeAbstract_lbl" xml:lang="en-US">Noninterest Income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoninterestIncomeAbstract" xlink:to="us-gaap_NoninterestIncomeAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NoninterestIncomeOtherOperatingIncome" xlink:label="us-gaap_NoninterestIncomeOtherOperatingIncome"/>
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    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_NonperformingAssets" xlink:label="ntrs_NonperformingAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_NonperformingAssets_lbl" xml:lang="en-US">Total nonperforming assets, which is the sum of nonperforming loans and other real estate and foreclosed assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_NonperformingAssets_lbl" xml:lang="en-US">Total Nonperforming Assets</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_NonPerformingDelinquentLoansAndLeasesSummaryDescriptionDisclosureTextBlock_lbl" xml:lang="en-US">Non Performing Delinquent Loans and Leases Summary Description Disclosure</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_NonPerformingDelinquentLoansAndLeasesSummaryDescriptionDisclosureTextBlock_lbl" xml:lang="en-US">Number of Loans and Leases Modified in Troubled Debt Restructurings during the previous 12 Months which became Nonperforming, as well as the Recorded Investment and Unpaid Principal Balance</label>
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    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_NonUnitedStatesMember" xlink:label="ntrs_NonUnitedStatesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_NonUnitedStatesMember_lbl" xml:lang="en-US">Non United States</label>
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    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_NotesToFinancialStatementsAbstract" xlink:label="ntrs_NotesToFinancialStatementsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_NotesToFinancialStatementsAbstract_lbl" xml:lang="en-US">Notes to Financial Statements [Abstract]</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NotionalAmountOfDerivatives" xlink:label="us-gaap_NotionalAmountOfDerivatives"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NotionalAmountOfDerivatives_lbl" xml:lang="en-US">Notional Value</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NotionalAmountOfNonderivativeInstrumentsDesignatedAsNetInvestmentHedges" xlink:label="us-gaap_NotionalAmountOfNonderivativeInstrumentsDesignatedAsNetInvestmentHedges"/>
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    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_NumberOfSecuritiesContinuousUnrealizedLossPositionMoreThanTwelveMonths" xlink:label="ntrs_NumberOfSecuritiesContinuousUnrealizedLossPositionMoreThanTwelveMonths"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_NumberOfSecuritiesUnrealizedLossesPosition_lbl" xml:lang="en-US">Number of Securities, Unrealized Losses Position</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_NumberOfSecuritiesUnrealizedLossesPosition_lbl" xml:lang="en-US">Number of securties in an unrealized loss position</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OccupancyNet" xlink:label="us-gaap_OccupancyNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OccupancyNet_lbl" xml:lang="en-US">Occupancy</label>
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    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_OmniumLLCMember" xlink:label="ntrs_OmniumLLCMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_OmniumLLCMember_lbl" xml:lang="en-US">Omnium LLC</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_OmniumLLCMember_lbl" xml:lang="en-US">Omnium LLC</label>
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    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xml:lang="en-US">Purchases of Buildings and Equipment, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:to="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:label="us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock_lbl" xml:lang="en-US">Pension and Other Postretirement Plans</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:to="us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PensionContributions" xlink:label="us-gaap_PensionContributions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PensionContributions_lbl" xml:lang="en-US">Qualified Pension Plan Contribution</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_PensionContributions_lbl" xml:lang="en-US">Qualified Pension Plan Contribution</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PensionContributions" xlink:to="us-gaap_PensionContributions_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_PercentageOfConsolidatedNetIncome" xlink:label="ntrs_PercentageOfConsolidatedNetIncome"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_PercentageOfConsolidatedNetIncome_lbl" xml:lang="en-US">Percentage of Consolidated Net Income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_PercentageOfConsolidatedNetIncome_lbl" xml:lang="en-US">Percentage of Consolidated Net Income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_PercentageOfConsolidatedNetIncome" xlink:to="ntrs_PercentageOfConsolidatedNetIncome_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_PercentageOfDerivativesOutstanding" xlink:label="ntrs_PercentageOfDerivativesOutstanding"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_PercentageOfDerivativesOutstanding_lbl" xml:lang="en-US">Represents percentage of derivatives outstanding measured on a notional value basis, related to client-related and trading activities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_PercentageOfDerivativesOutstanding_lbl" xml:lang="en-US">Percentage of derivatives outstanding related to client-related and trading activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_PercentageOfDerivativesOutstanding" xlink:to="ntrs_PercentageOfDerivativesOutstanding_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_PercentageOfSecuritiesBelowCreditRating" xlink:label="ntrs_PercentageOfSecuritiesBelowCreditRating"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_PercentageOfSecuritiesBelowCreditRating_lbl" xml:lang="en-US">Percentage of securities rated below double-A over total fair value of securities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_PercentageOfSecuritiesBelowCreditRating_lbl" xml:lang="en-US">Percentage of residential mortgage backed securities rated below double-A</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_PercentageOfSecuritiesBelowCreditRating" xlink:to="ntrs_PercentageOfSecuritiesBelowCreditRating_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_PercentageOfTotalSecuritiesRated" xlink:label="ntrs_PercentageOfTotalSecuritiesRated"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_PercentageOfTotalSecuritiesRated_lbl" xml:lang="en-US">Percentage of Total Securities Rated</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_PercentageOfTotalSecuritiesRated_lbl" xml:lang="en-US">Percentage of "other asset-backed" securities rated triple-A</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_PercentageOfTotalSecuritiesRated" xlink:to="ntrs_PercentageOfTotalSecuritiesRated_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_PercentageOfTotalUnrealizedLosses" xlink:label="ntrs_PercentageOfTotalUnrealizedLosses"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_PercentageOfTotalUnrealizedLosses_lbl" xml:lang="en-US">Percentage of Total Unrealized Losses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_PercentageOfTotalUnrealizedLosses_lbl" xml:lang="en-US">Percent of corporate debt unrealized losses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_PercentageOfTotalUnrealizedLosses" xlink:to="ntrs_PercentageOfTotalUnrealizedLosses_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PerformingFinancingReceivableMember" xlink:label="us-gaap_PerformingFinancingReceivableMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PerformingFinancingReceivableMember_lbl" xml:lang="en-US">Performing Financing Receivable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PerformingFinancingReceivableMember" xlink:to="us-gaap_PerformingFinancingReceivableMember_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_PersonalFinancialServicesMember" xlink:label="ntrs_PersonalFinancialServicesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_PersonalFinancialServicesMember_lbl" xml:lang="en-US">Personal Financial Services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_PersonalFinancialServicesMember_lbl" xml:lang="en-US">Personal Financial Services</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_PersonalFinancialServicesMember" xlink:to="ntrs_PersonalFinancialServicesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_PersonalMember" xlink:label="ntrs_PersonalMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_PersonalMember_lbl" xml:lang="en-US">Personal</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_PersonalMember_lbl" xml:lang="en-US">Personal</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_PersonalMember" xlink:to="ntrs_PersonalMember_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_PersonalOtherMember" xlink:label="ntrs_PersonalOtherMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_PersonalOtherMember_lbl" xml:lang="en-US">Personal Other</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_PersonalOtherMember_lbl" xml:lang="en-US">Personal Other</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ntrs_PersonalOtherMember_lbl" xml:lang="en-US">Other</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_PersonalOtherMember" xlink:to="ntrs_PersonalOtherMember_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_PledgedandRestrictedAssetsAxis" xlink:label="ntrs_PledgedandRestrictedAssetsAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_PledgedandRestrictedAssetsAxis_lbl" xml:lang="en-US">Pledged and Restricted Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_PledgedandRestrictedAssetsAxis_lbl" xml:lang="en-US">Pledged and Restricted Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_PledgedandRestrictedAssetsAxis" xlink:to="ntrs_PledgedandRestrictedAssetsAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_PledgedandRestrictedAssetsDomain" xlink:label="ntrs_PledgedandRestrictedAssetsDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_PledgedandRestrictedAssetsDomain_lbl" xml:lang="en-US">Pledged and Restricted Assets [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_PledgedandRestrictedAssetsDomain_lbl" xml:lang="en-US">Pledged and Restricted Assets [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_PledgedandRestrictedAssetsDomain" xlink:to="ntrs_PledgedandRestrictedAssetsDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PrincipalInvestmentGainsLosses" xlink:label="us-gaap_PrincipalInvestmentGainsLosses"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PrincipalInvestmentGainsLosses_lbl" xml:lang="en-US">Investment Security Gains (Losses), net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_PrincipalInvestmentGainsLosses_lbl" xml:lang="en-US">Investment Security Gains (Losses), net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PrincipalInvestmentGainsLosses" xlink:to="us-gaap_PrincipalInvestmentGainsLosses_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_PrivateClientMember" xlink:label="ntrs_PrivateClientMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_PrivateClientMember_lbl" xml:lang="en-US">Private Client</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_PrivateClientMember_lbl" xml:lang="en-US">Private Client</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_PrivateClientMember" xlink:to="ntrs_PrivateClientMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:label="us-gaap_ProceedsFromIssuanceOfLongTermDebt"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromIssuanceOfLongTermDebt_lbl" xml:lang="en-US">Proceeds from Senior Notes and Long-Term Debt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:to="us-gaap_ProceedsFromIssuanceOfLongTermDebt_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities" xlink:label="us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities_lbl" xml:lang="en-US">Proceeds from Maturity and Redemption of Securities - Held to Maturity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities" xlink:to="us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromPaymentsForFederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResellNet" xlink:label="us-gaap_ProceedsFromPaymentsForFederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResellNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromPaymentsForFederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResellNet_lbl" xml:lang="en-US">Net Increase in Federal Funds Sold and Securities Purchased under Agreements to Resell</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromPaymentsForFederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResellNet" xlink:to="us-gaap_ProceedsFromPaymentsForFederalFundsSoldAndSecuritiesPurchasedUnderAgreementsToResellNet_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromPaymentsForInInterestBearingDepositsInBanks" xlink:label="us-gaap_ProceedsFromPaymentsForInInterestBearingDepositsInBanks"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromPaymentsForInInterestBearingDepositsInBanks_lbl" xml:lang="en-US">Net Increase in Interest-Bearing Deposits with Banks</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromPaymentsForInInterestBearingDepositsInBanks" xlink:to="us-gaap_ProceedsFromPaymentsForInInterestBearingDepositsInBanks_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromPaymentsForInSecuritiesSoldUnderAgreementsToRepurchase" xlink:label="us-gaap_ProceedsFromPaymentsForInSecuritiesSoldUnderAgreementsToRepurchase"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromPaymentsForInSecuritiesSoldUnderAgreementsToRepurchase_lbl" xml:lang="en-US">Net Decrease in Securities Sold under Agreements to Repurchase</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromPaymentsForInSecuritiesSoldUnderAgreementsToRepurchase" xlink:to="us-gaap_ProceedsFromPaymentsForInSecuritiesSoldUnderAgreementsToRepurchase_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromPaymentsForOtherFinancingActivities" xlink:label="us-gaap_ProceedsFromPaymentsForOtherFinancingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromPaymentsForOtherFinancingActivities_lbl" xml:lang="en-US">Other Financing Activities, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromPaymentsForOtherFinancingActivities" xlink:to="us-gaap_ProceedsFromPaymentsForOtherFinancingActivities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromRepaymentsOfShortTermDebt" xlink:label="us-gaap_ProceedsFromRepaymentsOfShortTermDebt"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromRepaymentsOfShortTermDebt_lbl" xml:lang="en-US">Net Increase (Decrease) in Short-Term Other Borrowings</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromRepaymentsOfShortTermDebt" xlink:to="us-gaap_ProceedsFromRepaymentsOfShortTermDebt_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities" xlink:label="us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities_lbl" xml:lang="en-US">Proceeds from Sale, Maturity and Redemption of Securities - Available for Sale</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities" xlink:to="us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromStockOptionsExercised" xlink:label="us-gaap_ProceedsFromStockOptionsExercised"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromStockOptionsExercised_lbl" xml:lang="en-US">Net Proceeds from Stock Options</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromStockOptionsExercised" xlink:to="us-gaap_ProceedsFromStockOptionsExercised_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_ProceedsFromTermFederalFundsPurchased" xlink:label="ntrs_ProceedsFromTermFederalFundsPurchased"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_ProceedsFromTermFederalFundsPurchased_lbl" xml:lang="en-US">Proceeds from purchases of term federal funds.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_ProceedsFromTermFederalFundsPurchased_lbl" xml:lang="en-US">Proceeds from Term Federal Funds Purchased</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_ProceedsFromTermFederalFundsPurchased" xlink:to="ntrs_ProceedsFromTermFederalFundsPurchased_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProfessionalFees" xlink:label="us-gaap_ProfessionalFees"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProfessionalFees_lbl" xml:lang="en-US">Outside Services</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProfessionalFees" xlink:to="us-gaap_ProfessionalFees_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_ProjectedWeightedAverageDefaultRates" xlink:label="ntrs_ProjectedWeightedAverageDefaultRates"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_ProjectedWeightedAverageDefaultRates_lbl" xml:lang="en-US">Projected Weighted Average Default Rates</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_ProjectedWeightedAverageDefaultRates_lbl" xml:lang="en-US">Weighted Average Ultimate Default Rates</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_ProjectedWeightedAverageDefaultRates" xlink:to="ntrs_ProjectedWeightedAverageDefaultRates_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_ProjectedWeightedAverageDefaultRatesAndLossSeveritiesTextBlock" xlink:label="ntrs_ProjectedWeightedAverageDefaultRatesAndLossSeveritiesTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_ProjectedWeightedAverageDefaultRatesAndLossSeveritiesTextBlock_lbl" xml:lang="en-US">Projected Weighted-Average Default Rates and Loss Severities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_ProjectedWeightedAverageDefaultRatesAndLossSeveritiesTextBlock_lbl" xml:lang="en-US">Book Values, Ultimate Default Rates, and Loss Severity Rates for the Non-Agency Residential Mortgage-Backed Securities Portfolio, by Security Type</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_RealizedLossesOnInvestments_lbl" xml:lang="en-US">The net realized loss on investments sold during the period, which, for cash flow reporting.</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RepaymentsOfLongTermDebt" xlink:label="us-gaap_RepaymentsOfLongTermDebt"/>
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    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_RepaymentsOfTermFederalFundsPurchased" xlink:label="ntrs_RepaymentsOfTermFederalFundsPurchased"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_RepaymentsOfTermFederalFundsPurchased_lbl" xml:lang="en-US">Repayments of Term Federal Funds Purchased</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="ntrs_RepaymentsOfTermFederalFundsPurchased_lbl" xml:lang="en-US">Repayments of Term Federal Funds Purchased</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ReserveForOffBalanceSheetActivitiesMember" xlink:label="us-gaap_ReserveForOffBalanceSheetActivitiesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ReserveForOffBalanceSheetActivitiesMember_lbl" xml:lang="en-US">Reserve for Off-balance Sheet Activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ReserveForOffBalanceSheetActivitiesMember" xlink:to="us-gaap_ReserveForOffBalanceSheetActivitiesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ResidentialMortgageBackedSecuritiesMember" xlink:label="us-gaap_ResidentialMortgageBackedSecuritiesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ResidentialMortgageBackedSecuritiesMember_lbl" xml:lang="en-US">Residential Mortgage-Backed</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ResidentialMortgageBackedSecuritiesMember" xlink:to="us-gaap_ResidentialMortgageBackedSecuritiesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ResidentialPortfolioSegmentMember" xlink:label="us-gaap_ResidentialPortfolioSegmentMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ResidentialPortfolioSegmentMember_lbl" xml:lang="en-US">Residential Portfolio Segment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ResidentialPortfolioSegmentMember" xlink:to="us-gaap_ResidentialPortfolioSegmentMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ResidentialPrimeFinancingReceivableMember" xlink:label="us-gaap_ResidentialPrimeFinancingReceivableMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ResidentialPrimeFinancingReceivableMember_lbl" xml:lang="en-US">Prime</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ResidentialPrimeFinancingReceivableMember" xlink:to="us-gaap_ResidentialPrimeFinancingReceivableMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ResidentialRealEstateMember" xlink:label="us-gaap_ResidentialRealEstateMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ResidentialRealEstateMember_lbl" xml:lang="en-US">Residential Real Estate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ResidentialRealEstateMember" xlink:to="us-gaap_ResidentialRealEstateMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ResidentialSubprimeFinancingReceivableMember" xlink:label="us-gaap_ResidentialSubprimeFinancingReceivableMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ResidentialSubprimeFinancingReceivableMember_lbl" xml:lang="en-US">Subprime</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ResidentialSubprimeFinancingReceivableMember" xlink:to="us-gaap_ResidentialSubprimeFinancingReceivableMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RestrictedAssetsDisclosureTextBlock" xlink:label="us-gaap_RestrictedAssetsDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RestrictedAssetsDisclosureTextBlock_lbl" xml:lang="en-US">Pledged Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedAssetsDisclosureTextBlock" xlink:to="us-gaap_RestrictedAssetsDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_RestrictedStockAndRestrictedStockUnitsMember" xlink:label="ntrs_RestrictedStockAndRestrictedStockUnitsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_RestrictedStockAndRestrictedStockUnitsMember_lbl" xml:lang="en-US">Restricted Stock and Restricted Stock Units</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_RestrictedStockAndRestrictedStockUnitsMember_lbl" xml:lang="en-US">Stock and Stock Unit Awards</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_RestrictedStockAndRestrictedStockUnitsMember" xlink:to="ntrs_RestrictedStockAndRestrictedStockUnitsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xml:lang="en-US">Retained Earnings (Accumulated Deficit)</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="us-gaap_RetainedEarningsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsMember_lbl" xml:lang="en-US">Retained Earnings</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsMember" xlink:to="us-gaap_RetainedEarningsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Revenues" xlink:label="us-gaap_Revenues"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Revenues_lbl" xml:lang="en-US">Revenues</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Revenues_lbl" xml:lang="en-US">Revenues</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Revenues" xlink:to="us-gaap_Revenues_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RiskLevelLowMember" xlink:label="us-gaap_RiskLevelLowMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RiskLevelLowMember_lbl" xml:lang="en-US">Below Average Risk</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RiskLevelLowMember" xlink:to="us-gaap_RiskLevelLowMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RiskLevelMediumMember" xlink:label="us-gaap_RiskLevelMediumMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RiskLevelMediumMember_lbl" xml:lang="en-US">Average Risk</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RiskLevelMediumMember" xlink:to="us-gaap_RiskLevelMediumMember_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_SalariesWagesAndIncentives" xlink:label="ntrs_SalariesWagesAndIncentives"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_SalariesWagesAndIncentives_lbl" xml:lang="en-US">Expense recognized during the period for salary, share-based compensation, and other incentives incurred during the period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_SalariesWagesAndIncentives_lbl" xml:lang="en-US">Salaries, wages and incentives</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_SalariesWagesAndIncentives" xlink:to="ntrs_SalariesWagesAndIncentives_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_SalesOfSecuritiesMember" xlink:label="ntrs_SalesOfSecuritiesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_SalesOfSecuritiesMember_lbl" xml:lang="en-US">Sales of Securities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_SalesOfSecuritiesMember_lbl" xml:lang="en-US">Sales of Securities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_SalesOfSecuritiesMember" xlink:to="ntrs_SalesOfSecuritiesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTable" xlink:label="us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTable_lbl" xml:lang="en-US">Schedule of Accounts, Notes, Loans and Financing Receivable [Table]</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock" xlink:label="us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock_lbl" xml:lang="en-US">Components of Accumulated Other Comprehensive Income (Loss)</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ScheduleOfAvailableForSaleSecuritiesMajorTypesOfDebtAndEquitySecuritiesAxis" xlink:label="us-gaap_ScheduleOfAvailableForSaleSecuritiesMajorTypesOfDebtAndEquitySecuritiesAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfAvailableForSaleSecuritiesMajorTypesOfDebtAndEquitySecuritiesAxis_lbl" xml:lang="en-US">Schedule of Available-for-sale Securities, Major Types of Debt and Equity Securities</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock" xlink:label="us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock_lbl" xml:lang="en-US">Cash Flow Hedge Derivative Gains and Losses Recognized in AOCI and the Amounts Reclassified to Earnings</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_SecondLienResidentialMortgageBackedSecuritiesMember" xlink:to="ntrs_SecondLienResidentialMortgageBackedSecuritiesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_SecuritiesAmortizedCost" xlink:label="ntrs_SecuritiesAmortizedCost"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_SecuritiesAmortizedCost_lbl" xml:lang="en-US">Securities, Amortized Cost</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_SecuritiesAmortizedCost_lbl" xml:lang="en-US">Residential mortgage-backed securities total amortized cost</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_SecuritiesAmortizedCost" xlink:to="ntrs_SecuritiesAmortizedCost_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_SecuritiesAndLoansPledged" xlink:label="ntrs_SecuritiesAndLoansPledged"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_SecuritiesAndLoansPledged_lbl" xml:lang="en-US">Securities and Loans Pledged</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_SecuritiesAndLoansPledged_lbl" xml:lang="en-US">Amount of securities and loans pledged</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_SecuritiesAndLoansPledged" xlink:to="ntrs_SecuritiesAndLoansPledged_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_SecuritiesAverageLife" xlink:label="ntrs_SecuritiesAverageLife"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_SecuritiesAverageLife_lbl" xml:lang="en-US">Securities Average Life</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_SecuritiesAverageLife_lbl" xml:lang="en-US">Average life</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_SecuritiesAverageLife" xlink:to="ntrs_SecuritiesAverageLife_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_SecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses" xlink:label="ntrs_SecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_SecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses_lbl" xml:lang="en-US">Unrealized losses for securities that have been in an unrealized loss position for more than 12 months.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_SecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses_lbl" xml:lang="en-US">12 Months or Longer Unrealized Losses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_SecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses" xlink:to="ntrs_SecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_SecuritiesContinuousUnrealizedLossPositionAggregateLosses" xlink:label="ntrs_SecuritiesContinuousUnrealizedLossPositionAggregateLosses"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_SecuritiesContinuousUnrealizedLossPositionAggregateLosses_lbl" xml:lang="en-US">Amount of unrealized losses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_SecuritiesContinuousUnrealizedLossPositionAggregateLosses_lbl" xml:lang="en-US">Total Unrealized Losses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ntrs_SecuritiesContinuousUnrealizedLossPositionAggregateLosses_lbl" xml:lang="en-US">Total Unrealized Losses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_SecuritiesContinuousUnrealizedLossPositionAggregateLosses" xlink:to="ntrs_SecuritiesContinuousUnrealizedLossPositionAggregateLosses_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_SecuritiesContinuousUnrealizedLossPositionFairValue" xlink:label="ntrs_SecuritiesContinuousUnrealizedLossPositionFairValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_SecuritiesContinuousUnrealizedLossPositionFairValue_lbl" xml:lang="en-US">Securities, Continuous Unrealized Loss Position, Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_SecuritiesContinuousUnrealizedLossPositionFairValue_lbl" xml:lang="en-US">Total Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ntrs_SecuritiesContinuousUnrealizedLossPositionFairValue_lbl" xml:lang="en-US">Total Fair Value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_SecuritiesContinuousUnrealizedLossPositionFairValue" xlink:to="ntrs_SecuritiesContinuousUnrealizedLossPositionFairValue_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_SecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses" xlink:label="ntrs_SecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_SecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses_lbl" xml:lang="en-US">Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_SecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses_lbl" xml:lang="en-US">Less Than 12 Months Unrealized Losses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_SecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses" xlink:to="ntrs_SecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_SecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue" xlink:label="ntrs_SecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_SecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue_lbl" xml:lang="en-US">Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_SecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue_lbl" xml:lang="en-US">Less Than 12 Months Fair Value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_SecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue" xlink:to="ntrs_SecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_SecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue" xlink:label="ntrs_SecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_SecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue_lbl" xml:lang="en-US">Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_SecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue_lbl" xml:lang="en-US">12 Months or Longer Fair Value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_SecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue" xlink:to="ntrs_SecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_SecuritiesFairValue" xlink:label="ntrs_SecuritiesFairValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_SecuritiesFairValue_lbl" xml:lang="en-US">Securities, Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_SecuritiesFairValue_lbl" xml:lang="en-US">Residential mortgage-backed securities fair value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_SecuritiesFairValue" xlink:to="ntrs_SecuritiesFairValue_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SecuritiesHeldAsCollateralAtFairValue" xlink:label="us-gaap_SecuritiesHeldAsCollateralAtFairValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SecuritiesHeldAsCollateralAtFairValue_lbl" xml:lang="en-US">Fair value of accepted collateral</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SecuritiesHeldAsCollateralAtFairValue" xlink:to="us-gaap_SecuritiesHeldAsCollateralAtFairValue_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SecuritiesInvestmentMember" xlink:label="us-gaap_SecuritiesInvestmentMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SecuritiesInvestmentMember_lbl" xml:lang="en-US">Securities Investment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SecuritiesInvestmentMember" xlink:to="us-gaap_SecuritiesInvestmentMember_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_SecuritiesLendingRelatedCollateralMaintenance" xlink:label="ntrs_SecuritiesLendingRelatedCollateralMaintenance"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_SecuritiesLendingRelatedCollateralMaintenance_lbl" xml:lang="en-US">Minimum percentage of collateral maintained for client securities loaned at the fair value of securities plus interest.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_SecuritiesLendingRelatedCollateralMaintenance_lbl" xml:lang="en-US">Minimum securities lending related collateral percentage</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_SecuritiesLendingRelatedCollateralMaintenance" xlink:to="ntrs_SecuritiesLendingRelatedCollateralMaintenance_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_SecuritiesLoanedSubjectToIndemnification" xlink:label="ntrs_SecuritiesLoanedSubjectToIndemnification"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_SecuritiesLoanedSubjectToIndemnification_lbl" xml:lang="en-US">Amount of client securities loaned that are subject to indemnification as of the balance sheet date.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_SecuritiesLoanedSubjectToIndemnification_lbl" xml:lang="en-US">Collateralized securities loaned, subject to indemnification</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_SecuritiesLoanedSubjectToIndemnification" xlink:to="ntrs_SecuritiesLoanedSubjectToIndemnification_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchase" xlink:label="us-gaap_SecuritiesSoldUnderAgreementsToRepurchase"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SecuritiesSoldUnderAgreementsToRepurchase_lbl" xml:lang="en-US">Securities Sold under Agreements to Repurchase</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SecuritiesSoldUnderAgreementsToRepurchase" xlink:to="us-gaap_SecuritiesSoldUnderAgreementsToRepurchase_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_SecurityCommissionsandTradingIncome" xlink:label="ntrs_SecurityCommissionsandTradingIncome"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_SecurityCommissionsandTradingIncome_lbl" xml:lang="en-US">Revenues earned for buying and selling securities on behalf of clients and other fees including fees earned for transitioning assets between investment firms, fees earned for buying and selling interest rate protection products, and other fees.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_SecurityCommissionsandTradingIncome_lbl" xml:lang="en-US">Security Commissions and Trading Income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_SecurityCommissionsandTradingIncome" xlink:to="ntrs_SecurityCommissionsandTradingIncome_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_SecurityCommissionsAndTradingIncomeMember" xlink:label="ntrs_SecurityCommissionsAndTradingIncomeMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_SecurityCommissionsAndTradingIncomeMember_lbl" xml:lang="en-US">Security Commissions and Trading Income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_SecurityCommissionsAndTradingIncomeMember_lbl" xml:lang="en-US">Security Commission and Trading Income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_SecurityCommissionsAndTradingIncomeMember" xlink:to="ntrs_SecurityCommissionsAndTradingIncomeMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SegmentDomain" xlink:label="us-gaap_SegmentDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SegmentDomain_lbl" xml:lang="en-US">Segment [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentDomain" xlink:to="us-gaap_SegmentDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SegmentReportingDisclosureTextBlock" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock_lbl" xml:lang="en-US">Business Units</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentReportingDisclosureTextBlock" xlink:to="us-gaap_SegmentReportingDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_SegmentReportingInformationConsolidatedAverageAssets" xlink:label="ntrs_SegmentReportingInformationConsolidatedAverageAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_SegmentReportingInformationConsolidatedAverageAssets_lbl" xml:lang="en-US">Segment Reporting Information, Consolidated Average Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_SegmentReportingInformationConsolidatedAverageAssets_lbl" xml:lang="en-US">Average Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_SegmentReportingInformationConsolidatedAverageAssets" xlink:to="ntrs_SegmentReportingInformationConsolidatedAverageAssets_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_SegmentReportingInformationFullyTaxableEquivalentAdjustment" xlink:label="ntrs_SegmentReportingInformationFullyTaxableEquivalentAdjustment"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_SegmentReportingInformationFullyTaxableEquivalentAdjustment_lbl" xml:lang="en-US">Segment Reporting Information, Fully Taxable-Equivalent Adjustment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_SegmentReportingInformationFullyTaxableEquivalentAdjustment_lbl" xml:lang="en-US">Fully taxable equivalent basis adjustments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_SegmentReportingInformationFullyTaxableEquivalentAdjustment" xlink:to="ntrs_SegmentReportingInformationFullyTaxableEquivalentAdjustment_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SegmentReportingInformationLineItems" xlink:label="us-gaap_SegmentReportingInformationLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SegmentReportingInformationLineItems_lbl" xml:lang="en-US">Segment Reporting Information [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentReportingInformationLineItems" xlink:to="us-gaap_SegmentReportingInformationLineItems_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_SegmentReportingInformationNoninterestIncomeOtherIncome" xlink:label="ntrs_SegmentReportingInformationNoninterestIncomeOtherIncome"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_SegmentReportingInformationNoninterestIncomeOtherIncome_lbl" xml:lang="en-US">Segment Reporting Information, Noninterest Income, Other Income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_SegmentReportingInformationNoninterestIncomeOtherIncome_lbl" xml:lang="en-US">Segment Reporting Information, Noninterest Income, Other Income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ntrs_SegmentReportingInformationNoninterestIncomeOtherIncome_lbl" xml:lang="en-US">Other</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_SegmentReportingInformationNoninterestIncomeOtherIncome" xlink:to="ntrs_SegmentReportingInformationNoninterestIncomeOtherIncome_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SeniorNotes" xlink:label="us-gaap_SeniorNotes"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SeniorNotes_lbl" xml:lang="en-US">Senior Notes</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SeniorNotes" xlink:to="us-gaap_SeniorNotes_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_SeniorNotesAndLongTermSubordinatedDebtMember" xlink:label="ntrs_SeniorNotesAndLongTermSubordinatedDebtMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_SeniorNotesAndLongTermSubordinatedDebtMember_lbl" xml:lang="en-US">Senior Notes And Long Term Subordinated Debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_SeniorNotesAndLongTermSubordinatedDebtMember_lbl" xml:lang="en-US">Senior Notes and Long- Term Subordinated Debt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_SeniorNotesAndLongTermSubordinatedDebtMember" xlink:to="ntrs_SeniorNotesAndLongTermSubordinatedDebtMember_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_SeniorUnsecuredNotesDue2021Member" xlink:label="ntrs_SeniorUnsecuredNotesDue2021Member"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_SeniorUnsecuredNotesDue2021Member_lbl" xml:lang="en-US">Senior Unsecured Notes Due 2021</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_SeniorUnsecuredNotesDue2021Member_lbl" xml:lang="en-US">Senior Unsecured Notes, 3.375 Percent, Due August 23, 2021</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_SeniorUnsecuredNotesDue2021Member" xlink:to="ntrs_SeniorUnsecuredNotesDue2021Member_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_SeveritiesOfLoss" xlink:label="ntrs_SeveritiesOfLoss"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_SeveritiesOfLoss_lbl" xml:lang="en-US">Assumption for severities of loss.</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementTable_lbl" xml:lang="en-US">Statement [Table]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_SterlingDenominatedSeniorDebtMember_lbl" xml:lang="en-US">Sterling Denominated Senior Debt</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_SterlingDenominatedSubordinatedDebtMember_lbl" xml:lang="en-US">Sterling Denominated Subordinated Debt</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="us-gaap_StockholdersEquityAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityAbstract_lbl" xml:lang="en-US">Stockholders' Equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityAbstract" xlink:to="us-gaap_StockholdersEquityAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:label="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockOptionMember" xlink:label="us-gaap_StockOptionMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockOptionMember_lbl" xml:lang="en-US">Stock Options</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SubordinatedLongTermDebt" xlink:label="us-gaap_SubordinatedLongTermDebt"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubordinatedLongTermDebt_lbl" xml:lang="en-US">Subordinated Debt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubordinatedLongTermDebt" xlink:to="us-gaap_SubordinatedLongTermDebt_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_SubprimeAndAltAMortgageBackedSecuritiesFinancingReceivableMember" xlink:label="ntrs_SubprimeAndAltAMortgageBackedSecuritiesFinancingReceivableMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_SubprimeAndAltAMortgageBackedSecuritiesFinancingReceivableMember_lbl" xml:lang="en-US">Subprime and Alt-A Mortgage Backed Securities, Financing Receivable</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_SubprimeAndAltAMortgageBackedSecuritiesFinancingReceivableMember" xlink:to="ntrs_SubprimeAndAltAMortgageBackedSecuritiesFinancingReceivableMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SummaryOfDerivativeInstrumentsAbstract" xlink:label="us-gaap_SummaryOfDerivativeInstrumentsAbstract"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SummaryOfInvestmentsByTypeDomain_lbl" xml:lang="en-US">Summary of Investments, by Type [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SummaryOfInvestmentsByTypeDomain" xlink:to="us-gaap_SummaryOfInvestmentsByTypeDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis" xlink:label="us-gaap_SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesByTypeAxis"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SupplementalEmployeeRetirementPlanDefinedBenefitMember" xlink:label="us-gaap_SupplementalEmployeeRetirementPlanDefinedBenefitMember"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_TaxCreditEntitiesDomain_lbl" xml:lang="en-US">Tax Credit Entities [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_TaxCreditEntitiesDomain" xlink:to="ntrs_TaxCreditEntitiesDomain_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_TaxesbyNatureDomain_lbl" xml:lang="en-US">Taxes by Nature [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_TaxesbyNatureDomain_lbl" xml:lang="en-US">Taxes by Nature [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_TaxesbyNatureDomain" xlink:to="ntrs_TaxesbyNatureDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TimeDeposits" xlink:label="us-gaap_TimeDeposits"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TimeDeposits_lbl" xml:lang="en-US">Savings Certificates and Other Time</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_TimeDeposits_lbl" xml:lang="en-US">Savings Certificates, Other Time and Non U. S. Offices Interest-Bearing</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TimeDeposits" xlink:to="us-gaap_TimeDeposits_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_TotalOtherAssetsFairValueDisclosure" xlink:label="ntrs_TotalOtherAssetsFairValueDisclosure"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_TotalOtherAssetsFairValueDisclosure_lbl" xml:lang="en-US">Total Other Assets, Fair Value Disclosure</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_TotalOtherAssetsFairValueDisclosure_lbl" xml:lang="en-US">Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ntrs_TotalOtherAssetsFairValueDisclosure_lbl" xml:lang="en-US">Total</label>
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    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_TotalOtherThanTemporaryImpairmentLossesOnInvestments" xlink:label="ntrs_TotalOtherThanTemporaryImpairmentLossesOnInvestments"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_TotalOtherThanTemporaryImpairmentLossesOnInvestments_lbl" xml:lang="en-US">Total other-than-temporary impairment losses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_TotalOtherThanTemporaryImpairmentLossesOnInvestments_lbl" xml:lang="en-US">Changes in OTTI Losses</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="ntrs_TotalOtherThanTemporaryImpairmentLossesOnInvestments_lbl" xml:lang="en-US">Changes in OTTI Losses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_TotalOtherThanTemporaryImpairmentLossesOnInvestments" xlink:to="ntrs_TotalOtherThanTemporaryImpairmentLossesOnInvestments_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TradingSecurities" xlink:label="us-gaap_TradingSecurities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TradingSecurities_lbl" xml:lang="en-US">Trading Account</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TradingSecurities" xlink:to="us-gaap_TradingSecurities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TransferOfOtherRealEstate" xlink:label="us-gaap_TransferOfOtherRealEstate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TransferOfOtherRealEstate_lbl" xml:lang="en-US">Transfers from Loans to OREO</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TransferOfOtherRealEstate" xlink:to="us-gaap_TransferOfOtherRealEstate_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_TreasuryAndOtherMember" xlink:label="ntrs_TreasuryAndOtherMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_TreasuryAndOtherMember_lbl" xml:lang="en-US">Treasury and Other</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_TreasuryAndOtherMember_lbl" xml:lang="en-US">Treasury and Other</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_TreasuryAndOtherMember" xlink:to="ntrs_TreasuryAndOtherMember_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_TreasuryManagementFees" xlink:label="ntrs_TreasuryManagementFees"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_TreasuryManagementFees_lbl" xml:lang="en-US">Fees earned from treasury management activities including disbursements and receivables management, funds transfer, and online reporting.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_TreasuryManagementFees_lbl" xml:lang="en-US">Treasury Management Fees</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_TreasuryManagementFees" xlink:to="ntrs_TreasuryManagementFees_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TreasuryStockMember" xlink:label="us-gaap_TreasuryStockMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TreasuryStockMember_lbl" xml:lang="en-US">Treasury Stock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockMember" xlink:to="us-gaap_TreasuryStockMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TreasuryStockShares" xlink:label="us-gaap_TreasuryStockShares"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TreasuryStockShares_lbl" xml:lang="en-US">Treasury Stock, shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockShares" xlink:to="us-gaap_TreasuryStockShares_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TreasuryStockValue" xlink:label="us-gaap_TreasuryStockValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TreasuryStockValue_lbl" xml:lang="en-US">Treasury Stock (4,174,717 and 2,902,621 shares, at cost)</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_TreasuryStockValue_lbl" xml:lang="en-US">Treasury Stock (4,174,717 and 2,902,621 shares, at cost)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockValue" xlink:to="us-gaap_TreasuryStockValue_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:label="us-gaap_TreasuryStockValueAcquiredCostMethod"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TreasuryStockValueAcquiredCostMethod_lbl" xml:lang="en-US">Stock Purchased</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_TreasuryStockValueAcquiredCostMethod_lbl" xml:lang="en-US">Stock Purchased</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:to="us-gaap_TreasuryStockValueAcquiredCostMethod_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_TroubledDebtRestructuringMember" xlink:label="ntrs_TroubledDebtRestructuringMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_TroubledDebtRestructuringMember_lbl" xml:lang="en-US">Troubled Debt Restructuring</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_TroubledDebtRestructuringMember_lbl" xml:lang="en-US">Troubled Debt Restructuring</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_TroubledDebtRestructuringMember" xlink:to="ntrs_TroubledDebtRestructuringMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TroubledDebtRestructuringsOnFinancingReceivablesTableTextBlock" xlink:label="us-gaap_TroubledDebtRestructuringsOnFinancingReceivablesTableTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TroubledDebtRestructuringsOnFinancingReceivablesTableTextBlock_lbl" xml:lang="en-US">Number of Loans and Leases which were Modified in Troubled Debt Restructurings, as well as the Recorded Investment and Unpaid Principal Balance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TroubledDebtRestructuringsOnFinancingReceivablesTableTextBlock" xlink:to="us-gaap_TroubledDebtRestructuringsOnFinancingReceivablesTableTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_TrustInvestmentAndOtherServicingFees" xlink:label="ntrs_TrustInvestmentAndOtherServicingFees"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_TrustInvestmentAndOtherServicingFees_lbl" xml:lang="en-US">Revenue recognized in the period for trust, investment management, custody, securities lending, and other servicing fees. Fees are based generally on the market value of assets held in custody, managed and serviced; the volume of transactions; securities lending volume and spreads; and fees for other services rendered.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_TrustInvestmentAndOtherServicingFees_lbl" xml:lang="en-US">Trust, Investment and Other Servicing Fees</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_TrustInvestmentAndOtherServicingFees" xlink:to="ntrs_TrustInvestmentAndOtherServicingFees_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_TrustPreferredSecurities" xlink:label="ntrs_TrustPreferredSecurities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_TrustPreferredSecurities_lbl" xml:lang="en-US">Amount of floating rate capital debt held by the company that have an unconditional obligation requiring the issuer to redeem the securities by transferring the assets at a specified or determinable date (or dates) or upon an event that is certain to occur. The debt was issued by a business trust to outside investors where the trust uses the proceeds of the issuance of those securities to purchase, from the financial institution that established the trust, an equivalent amount of junior subordinated debentures or other loans having stated maturities. The floating rate capital debt must be redeemed upon maturity of the debentures or other loans.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_TrustPreferredSecurities_lbl" xml:lang="en-US">Trust Preferred Securities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ntrs_TrustPreferredSecurities_lbl" xml:lang="en-US">Floating Rate Capital Debt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_TrustPreferredSecurities" xlink:to="ntrs_TrustPreferredSecurities_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_TypeOfInvestmentHoldingsDomain" xlink:label="ntrs_TypeOfInvestmentHoldingsDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_TypeOfInvestmentHoldingsDomain_lbl" xml:lang="en-US">Type of Investment Holdings [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_TypeOfInvestmentHoldingsDomain_lbl" xml:lang="en-US">Type of Investment Holdings [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_TypeOfInvestmentHoldingsDomain" xlink:to="ntrs_TypeOfInvestmentHoldingsDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_UndistributedEarningsAllocatedToParticipatingSecurities" xlink:label="us-gaap_UndistributedEarningsAllocatedToParticipatingSecurities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UndistributedEarningsAllocatedToParticipatingSecurities_lbl" xml:lang="en-US">Less: Earnings Allocated to Participating Securities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UndistributedEarningsAllocatedToParticipatingSecurities" xlink:to="us-gaap_UndistributedEarningsAllocatedToParticipatingSecurities_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_UnfundedCommitmentsAndStandbyLettersOfCreditAllowance" xlink:label="ntrs_UnfundedCommitmentsAndStandbyLettersOfCreditAllowance"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_UnfundedCommitmentsAndStandbyLettersOfCreditAllowance_lbl" xml:lang="en-US">Reflects the reserve assigned to unfunded commitments and standby letters of credit as of balance sheet date.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_UnfundedCommitmentsAndStandbyLettersOfCreditAllowance_lbl" xml:lang="en-US">Allowance for Unfunded Exposures Commitments and Standby Letters of Credit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_UnfundedCommitmentsAndStandbyLettersOfCreditAllowance" xlink:to="ntrs_UnfundedCommitmentsAndStandbyLettersOfCreditAllowance_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_UnfundedCommitmentsForImpairedLoans" xlink:label="ntrs_UnfundedCommitmentsForImpairedLoans"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_UnfundedCommitmentsForImpairedLoans_lbl" xml:lang="en-US">Unfunded commitments to borrowers whose loans were classified as impaired or nonperforming.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_UnfundedCommitmentsForImpairedLoans_lbl" xml:lang="en-US">Unfunded loan commitments and standby letters of credit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_UnfundedCommitmentsForImpairedLoans" xlink:to="ntrs_UnfundedCommitmentsForImpairedLoans_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_UnitedStatesPensionPlansOfUSEntityDefinedBenefitMember" xlink:label="us-gaap_UnitedStatesPensionPlansOfUSEntityDefinedBenefitMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UnitedStatesPensionPlansOfUSEntityDefinedBenefitMember_lbl" xml:lang="en-US">United States Pension Plans of US Entity, Defined Benefit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnitedStatesPensionPlansOfUSEntityDefinedBenefitMember" xlink:to="us-gaap_UnitedStatesPensionPlansOfUSEntityDefinedBenefitMember_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_UnrealizedLossPositionInvestmentsTextBlock" xlink:label="ntrs_UnrealizedLossPositionInvestmentsTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_UnrealizedLossPositionInvestmentsTextBlock_lbl" xml:lang="en-US">Unrealized Loss Position Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_UnrealizedLossPositionInvestmentsTextBlock_lbl" xml:lang="en-US">Securities Continuous Unrealized Loss Position</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_UnrealizedLossPositionInvestmentsTextBlock" xlink:to="ntrs_UnrealizedLossPositionInvestmentsTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_UnrecognizedTaxBenefits" xlink:label="us-gaap_UnrecognizedTaxBenefits"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UnrecognizedTaxBenefits_lbl" xml:lang="en-US">Unrecognized tax benefits</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnrecognizedTaxBenefits" xlink:to="us-gaap_UnrecognizedTaxBenefits_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_USGovernmentAgenciesDebtSecuritiesMember" xlink:label="us-gaap_USGovernmentAgenciesDebtSecuritiesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_USGovernmentAgenciesDebtSecuritiesMember_lbl" xml:lang="en-US">Government Sponsored Agency</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_USGovernmentAgenciesDebtSecuritiesMember" xlink:to="us-gaap_USGovernmentAgenciesDebtSecuritiesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_USGovernmentCorporationsAndAgenciesSecuritiesMember" xlink:label="us-gaap_USGovernmentCorporationsAndAgenciesSecuritiesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_USGovernmentCorporationsAndAgenciesSecuritiesMember_lbl" xml:lang="en-US">US Government Corporations and Agencies Securities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_USGovernmentCorporationsAndAgenciesSecuritiesMember" xlink:to="us-gaap_USGovernmentCorporationsAndAgenciesSecuritiesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_USStatesAndPoliticalSubdivisionsMember" xlink:label="us-gaap_USStatesAndPoliticalSubdivisionsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_USStatesAndPoliticalSubdivisionsMember_lbl" xml:lang="en-US">Obligations of States and Political Subdivisions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_USStatesAndPoliticalSubdivisionsMember" xlink:to="us-gaap_USStatesAndPoliticalSubdivisionsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_USTreasuryAndGovernmentMember" xlink:label="us-gaap_USTreasuryAndGovernmentMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_USTreasuryAndGovernmentMember_lbl" xml:lang="en-US">U.S. Government</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_USTreasuryAndGovernmentMember" xlink:to="us-gaap_USTreasuryAndGovernmentMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ValuationAllowancesAndReservesDomain" xlink:label="us-gaap_ValuationAllowancesAndReservesDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ValuationAllowancesAndReservesDomain_lbl" xml:lang="en-US">Valuation Allowances and Reserves [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ValuationAllowancesAndReservesDomain" xlink:to="us-gaap_ValuationAllowancesAndReservesDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ValuationAllowancesAndReservesRecoveries" xlink:label="us-gaap_ValuationAllowancesAndReservesRecoveries"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ValuationAllowancesAndReservesRecoveries_lbl" xml:lang="en-US">Recoveries</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ValuationAllowancesAndReservesRecoveries" xlink:to="us-gaap_ValuationAllowancesAndReservesRecoveries_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ValuationAllowancesAndReservesTypeAxis" xlink:label="us-gaap_ValuationAllowancesAndReservesTypeAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ValuationAllowancesAndReservesTypeAxis_lbl" xml:lang="en-US">Valuation Allowances and Reserves Type</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ValuationAllowancesAndReservesTypeAxis" xlink:to="us-gaap_ValuationAllowancesAndReservesTypeAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_VariableInterestEntityLineItems" xlink:label="us-gaap_VariableInterestEntityLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableInterestEntityLineItems_lbl" xml:lang="en-US">Variable Interest Entity [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityLineItems" xlink:to="us-gaap_VariableInterestEntityLineItems_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_VariableInterestEntityNonconsolidatedCarryingAmountAssets" xlink:label="us-gaap_VariableInterestEntityNonconsolidatedCarryingAmountAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableInterestEntityNonconsolidatedCarryingAmountAssets_lbl" xml:lang="en-US">Carrying amounts</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityNonconsolidatedCarryingAmountAssets" xlink:to="us-gaap_VariableInterestEntityNonconsolidatedCarryingAmountAssets_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_VariableInterestEntityNonconsolidatedCarryingAmountLiabilities" xlink:label="us-gaap_VariableInterestEntityNonconsolidatedCarryingAmountLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableInterestEntityNonconsolidatedCarryingAmountLiabilities_lbl" xml:lang="en-US">Liabilities related to unfunded commitments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityNonconsolidatedCarryingAmountLiabilities" xlink:to="us-gaap_VariableInterestEntityNonconsolidatedCarryingAmountLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_VisaIndemnificationChargesBenefit" xlink:label="ntrs_VisaIndemnificationChargesBenefit"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_VisaIndemnificationChargesBenefit_lbl" xml:lang="en-US">Visa indemnification charges (benefit) recorded during the period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_VisaIndemnificationChargesBenefit_lbl" xml:lang="en-US">Visa Indemnification Benefit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_VisaIndemnificationChargesBenefit" xlink:to="ntrs_VisaIndemnificationChargesBenefit_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_VisaIndemnificationMember" xlink:label="ntrs_VisaIndemnificationMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_VisaIndemnificationMember_lbl" xml:lang="en-US">Visa Indemnification</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_VisaIndemnificationMember_lbl" xml:lang="en-US">Visa Indemnification</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_VisaIndemnificationMember" xlink:to="ntrs_VisaIndemnificationMember_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_VisaInterestMember" xlink:label="ntrs_VisaInterestMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_VisaInterestMember_lbl" xml:lang="en-US">Visa Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_VisaInterestMember_lbl" xml:lang="en-US">Visa Interest</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_VisaInterestMember" xlink:to="ntrs_VisaInterestMember_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_VisaMembershipTextBlock" xlink:label="ntrs_VisaMembershipTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_VisaMembershipTextBlock_lbl" xml:lang="en-US">This items represents disclosure of information related to the obligation to share in potential losses resulting from certain indemnified litigation relating to an equity investee.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_VisaMembershipTextBlock_lbl" xml:lang="en-US">Visa Membership</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_VisaMembershipTextBlock" xlink:to="ntrs_VisaMembershipTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="ntrs-20110930.xsd#ntrs_WatchListMember" xlink:label="ntrs_WatchListMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="ntrs_WatchListMember_lbl" xml:lang="en-US">A loan whose risk assessment indicates the need for enhanced monitoring by the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ntrs_WatchListMember_lbl" xml:lang="en-US">Watch List</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ntrs_WatchListMember" xlink:to="ntrs_WatchListMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xml:lang="en-US">Average Common and Potential Common Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xml:lang="en-US">Average Common and Potential Common Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xml:lang="en-US">- Diluted</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xml:lang="en-US">Average Number of Common Shares Outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xml:lang="en-US">Average Number of Common Shares Outstanding - Basic</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl"/>
  </labelLink>
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