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Quarter Earnings

 
 

Northern Trust Corporation reports first quarter net income of $276.1 million, earnings per common share of $1.09.

Frederick H. Waddell, Chairman and Chief Executive Officer, commented, “Northern Trust's first quarter revenue increased 8% compared to one year ago, reflecting strong growth in trust, investment and other servicing fees and net interest income. Assets under custody/administration and assets under management ended the quarter up 13% and 11%, respectively, compared to a year ago, primarily driven by higher markets and our continued success in winning new business. The net interest margin on a fully taxable equivalent basis improved to 1.35% from 1.21% one year ago.

We use our strong capital position to pursue our strategic initiatives that meet our clients' complex financial needs. One recent example is our agreement to acquire UBS Asset Management’s fund administration servicing units in Luxembourg and Switzerland, which will broaden our scale, products and market reach across Europe.”

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Media Kit

Executive Biographies

 
Frederick H. Waddell

Frederick H. Waddell

Chairman and Chief Executive Officer
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Frederick H. Waddell

Frederick H. Waddell

Chairman and Chief Executive Officer
 
Frederick H. Waddell is Chairman and Chief Executive Officer of Northern Trust, one of the world's leading asset management, asset servicing, fund administration, fiduciary and banking services firms. Serving successful individuals, families and institutions worldwide, the Chicago-based, ‪127-year-old financial institution had $6.7 trillion in assets under custody and $942 billion in assets under management as of December 31, 2016.

‪ ‪Since joining Northern Trust in 1975, Mr. Waddell has held leadership positions in commercial banking, strategic planning and Wealth Management. In March 2003, he became head of the Corporate & Institutional Services business unit and, in February 2006, was named President and Chief Operating Officer of Northern Trust. Mr. Waddell was appointed Chief Executive Officer on January 1, 2008, and named Chairman in November 2009.

‪ ‪Mr. Waddell received a bachelor’s degree in government from Dartmouth College and a master’s degree in business administration from the J.L. Kellogg School of Management of Northwestern University.

‪ ‪Mr. Waddell is a member of the Board of Directors of AbbVie Inc., The Chicago Council on Global Affairs, Chicago Urban League, the United Way of Metropolitan Chicago, the International Monetary Conference, and the Financial Services Roundtable. He is Chairman of the Civic Committee of The Commercial Club and also serves as Vice Chairman of The Commercial Club. Mr. Waddell is on the Board of Trustees of the Art Institute of Chicago, Northwestern University, the Chicago Symphony Orchestra, and Northwestern Memorial Hospital. He also serves on the Federal Advisory Council, the Trustees Committee of The Chicago Community Trust, the Global Advisory Board of the Kellogg School of Management, and is an executive advisor to the Metropolitan Planning Council.
Michael G. O'Grady

Michael G. O'Grady

President
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Michael G. O'Grady

Michael G. O'Grady

President
 
Michael O’Grady is President and a Member of the Board of Directors of the Northern Trust Corporation. As President, Mike oversees the Wealth Management, Corporate & Institutional Services and Asset Management businesses and serves as a member of the Corporation’s Management Committee.

Prior to assuming his current role, Mike served as President of the Corporate & Institutional Services business unit at Northern Trust. Northern Trust’s C&IS business unit is a leading provider of asset servicing, investment management, banking and related services to institutional clients worldwide. From 2011 to 2014 Mike served as Executive Vice President & Chief Financial Officer of Northern Trust.

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 and head of the Depository Institutions Group for the Americas. He joined Merrill Lynch in 1992. Prior to Merrill Lynch, Mike worked for Price Waterhouse.

Mike earned a BBA from University of Notre Dame and an MBA from Harvard Graduate School of Business.

He is a member of the boards of trustees of The Field Museum and the Museum of Contemporary Art Chicago, the Finance Council of the Archdiocese of Chicago, and the Board of Advisors of Catholic Charities.
Jana Schreuder

Jana Schreuder

Chief Operating Officer
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Jana Schreuder

Jana Schreuder

Chief Operating Officer
 
Jana R. Schreuder is a member of the Northern Trust Executive Management Group and is the Chief Operating Officer. Based at the company’s headquarters in Chicago, Jana leads Northern Trust’s business enablement activities for the global enterprise which includes: Business model and data architecture; Change management resourcing and governance; Client and partner experience research; Operations; Product development and Technology.

Prior to her current role, Jana was President of Wealth Management which provides investment management, fiduciary consulting, financial planning, private banking and other advisory services designed to assist successful individuals and families in growing, protecting and transferring their wealth. She previously was President of Operations & Technology responsible for the technology infrastructure and applications development as well as custody and banking operations that support Northern Trust’s global business. Her initial executive Management Group role was as Head of Risk Management, responsible for overseeing the management of credit, market, fiduciary, operating, compliance, and strategic risk across all segments of our global business.

Earlier leadership roles include: Group Head of the Public Entities and Institutions Segment responsible for client servicing and sales in the Corporate and Institutional Services Business Unit; President and Chief Executive Officer of Northern Trust Retirement Consulting, L.L.C. (NTRC) in Atlanta, Georgia which delivered Actuarial/Consulting, Defined Contribution Outsourcing, Defined Benefit Outsourcing, Comprehensive Benefit Statements, and Education/Communication services; Head of Wealth Management National Services and was responsible for overseeing the development, management, and servicing of nationally focused products/services, as well as implementing consistent service standards and policies across the multi-state office network; Northern Trust’s E-Commerce Director which facilitated the development of digital business/strategies.

Jana joined Northern Trust in 1980 as an employee benefits accountant. During her extensive career, she has also managed such areas as Securities Operations, Information Delivery and Risk and Performance Services.

Jana is currently a Director-Entrust Datacard Corporation; Director & Treasurer-Chicago Public Education Fund; Director-Lifepoint Health, Inc.; Director-Lyric Opera Chicago; Member-The Committee of 200 (C200); Co-Chair-Chicago Chapter of Women Corporate Directors (WCD); Member-The Chicago Network.
Peter B. Cherecwich

Peter B. Cherecwich

Executive Vice President, Corporate & Institutional Services
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Peter B. Cherecwich

Peter B. Cherecwich

Executive Vice President, Corporate & Institutional Services
 

PROFESSIONAL EXPERIENCE

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.

 

 

CREDENTIALS AND AFFILIATIONS  

M.B.A. degree, Suffolk University, Boston MA

B.A degree in Political Science, Legal Studies and Soviet Studies, Brandeis University, Waltham, MA

Pete currently sits on the Board at National Louis University and happily sponsors Urban Initiatives, an organization that serves children in underserved communities within Chicago.

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.
Stephen N. Potter

Stephen N. Potter

President, Asset Management
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Stephen N. Potter

Stephen N. Potter

President, Asset Management
 
Steve Potter is President of Northern Trust Asset Management, a role he assumed in 2008. He is also Executive Vice President of Northern Trust and is a member of the Corporation’s Management Group.

From 2001 until 2008, Steve was based in London and served as the Chief Executive Officer of Europe, Middle East and Africa overseeing all of Northern Trust's businesses in the region. He also served as Chairman and Chief Executive Officer of Northern Trust Global Services, Ltd. and Chairman of Northern Trust Global Investments, Ltd. He previously served in London as Segment Head of International and Global Fund Services.

Prior to moving to London, Steve served in Chicago as Managing Director of the Institutional Group within Northern Trust Asset Management. In this role he was responsible for global strategic planning, marketing, product development, client servicing and sales related to the institutional asset management business. Steve joined Northern Trust in 1982 and has 34 years of experience within the financial services industry.

Steve holds a B.A. in economics and history from Duke University and an MBA with concentrations in marketing and finance from the J. L. Kellogg Graduate School of Management at Northwestern University.

He is a member of the board and the executive committee of Rush University Medical Center. He also serves on the Duke University Trinity College Board of Visitors and the boards of the Solti Foundation, and the British American Business Council. He is a member of the Financial Services Roundtable and serves as the Chairman of the Retirement Security Coalition. He is also a member of the Economic Club of Chicago, the Chicago Commonwealth Club, the London Capital Club and the Worshipful Company of International Bankers.
 

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