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Quarter Earnings

 
 

NORTHERN TRUST CORPORATION REPORTS RECORD FOURTH QUARTER NET INCOME OF $409.9 MILLION, EARNINGS PER COMMON SHARE OF $1.80, RETURN ON AVERAGE COMMON EQUITY OF 17.0%.

Michael O’Grady, Chairman and Chief Executive Officer, commented, “Northern Trust’s performance in the fourth quarter 2018 produced revenue growth of 6% and earnings per share growth of 19% compared to the prior year. For the full year 2018, the Company generated revenue growth of 11%, earnings per share growth of 35% and a return on average common equity of 16.2%. Our full year results also produced positive fee and total operating leverage, and solid improvements in profitability and returns.

We announced yesterday that we are increasing our quarterly dividend to $0.60 per share, representing an increase of 9% from the prior quarter and 43% compared to one year ago. During 2018, we returned a record $1.4 billion to common shareholders through dividends and the repurchase of 9.0 million shares. As we enter 2019, we remain focused on providing our clients with exceptional service, improving our productivity, and investing in future growth.”

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Media Kit

Executive Biographies

 
 
Michael G. O'Grady

Michael G. O'Grady

Chairman, President and Chief Executive Officer
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Michael G. O'Grady

Michael G. O'Grady

Chairman, President and Chief Executive Officer
 

Michael O'Grady is Chairman, President and Chief Executive Officer of Northern Trust, a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals.

Mike joined Northern Trust in 2011 from Bank of America Merrill Lynch, where he served as a managing director in the firm's Investment Banking Group. He joined Merrill Lynch in 1992. Prior to Merrill Lynch, Mike worked for Price Waterhouse.

Mike earned a bachelor's degree in business administration from the University of Notre Dame and an MBA from Harvard Graduate School of Business.

He is a member of the boards of the Field Museum, Museum of Contemporary Art Chicago, Catholic Extension and the Northwestern Medical Group Board of Directors. He also serves on the Finance Council of the Archdiocese of Chicago, the Board of Advisors of Catholic Charities, and the Civic Committee Commercial Club of Chicago.

Peter B. Cherecwich

Peter B. Cherecwich

President of Corporate & Institutional Services
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Peter B. Cherecwich

Peter B. Cherecwich

President of Corporate & Institutional Services
 

Pete is an Executive Vice President and a member of Northern Trust’s Management Group in Chicago. Pete currently serves as the President of Corporate & Institutional Services business unit.

Northern Trust’s C&IS business unit is a leading provider of asset servicing, investment management, banking and related services to institutional clients worldwide including but not limited to corporate and public pension funds, sovereign wealth funds, supranational organizations, investment management firms, foundations and endowments, healthcare organizations, insurance companies, and other financial institutions.

An industry veteran, Pete brings over 25 years experience in working in a global organization and managing extremely large and complex client relationships. Pete originally joined Northern Trust in July 2007 as Head of Institutional Product and Strategy. Prior to joining Northern Trust, Pete served in various executive and lead operational roles at State Street Bank.

 
Steven L. Fradkin

Steven L. Fradkin

President, Wealth Management
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Steven L. Fradkin

Steven L. Fradkin

President, Wealth Management
 
Steven L. Fradkin is President of the Wealth Management business unit at Northern Trust and serves as a member of the Corporation’s Management Committee. Northern Trust’s Wealth Management business unit is a leading provider of asset management, fiduciary and banking services for affluent individuals and families operating from approximately 60 offices located in 18 U.S. states, Washington, D.C., and international locations across North America, Europe, the Middle East, and the Asia Pacific regions.

Mr. Fradkin has a diversified financial services career with Northern Trust having previously served as President of Corporate & Institutional Services, Executive Vice President & Chief Financial Officer, and head of the Corporation’s international business amongst other roles prior to his current appointment.

Mr. Fradkin joined Northern Trust in 1985 after graduating with a B.A. degree in economics from Washington University in St. Louis. He completed the Program for Management Development at Harvard Business School in 1994.

He is a non-executive director of American Stock Transfer & Trust Company, LLC, Armor Holdco Inc., Armor Holding II, LLC.

He also serves on the Board of Directors of the Chicago Horticultural Society (Chicago Botanic Garden) and is a member of the Suzanne's Friends for Life Chapter of the Leukemia Research Foundation, The Chicago Council on Global Affairs, the Washington University's Arts & Sciences National Council and Chicago Regional Cabinet and is the founder of CFO Select, a forum for the exchange of ideas and best practices amongst Chief Financial Officers.
Shundrawn A. Thomas

Shundrawn A. Thomas

President, Asset Management
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Shundrawn A. Thomas

Shundrawn A. Thomas

President, Asset Management
 

Shundrawn A. Thomas serves as the President of Asset Management. In his previous role as Executive Vice President, Head of Funds and Managed Accounts Group he was responsible for the development, management and distribution of the firm's mutual funds, institutional mutual funds and exchange-traded funds as well as related business activities. He also oversaw the Managed Accounts practice which provides investment advisory solutions to existing clients and financial intermediaries. His broad executive responsibilities involved developing long-term strategy, executing operating plans, managing client and vendor relationships and developing and retaining talented professionals.

Previously, Shundrawn served as President and Chief Executive of Northern Trust Securities, Inc. a wholly owned subsidiary of Northern Trust Corporation. In addition to his general management responsibilities, he was responsible for overseeing financial management and working with regulators including FINRA and the Securities and Exchange Commission. He also served as Head of Corporate Strategy for Northern Trust Corporation. As a direct report to the Chief Executive Officer, he supported executive management with key strategic planning initiatives. Prior to joining Northern Trust, Shundrawn served as a vice president for Goldman Sachs and held positions in sales, trading and research with Morgan Stanley.

Shundrawn received a B.S. degree in Accounting from Florida A&M University and an M.B.A. degree from the University of Chicago Booth School of Business. He has also completed executive education programs in corporate strategy at Chicago Booth School of Business and corporate governance at University of Notre Dame Mendoza School of Business. Shundrawn currently holds the FINRA series 7, 63 and 24 securities licenses.

Shundrawn currently serves as a trustee for Wheaton College and as a board director of the Florida A & M University Foundation. Shundrawn is a member of the Economic Club of Chicago. His civic involvement has afforded him the opportunity to speak and lecture nationally on topics including leadership, strategy, investment management and professional development.

 

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