Frederick H. Waddell, Chairman and Chief Executive Officer, commented, “We are pleased with our financial performance in the first quarter of 2015, which reflects continued growth in our business serving personal and institutional clients. Trust, investment and other servicing fees, which represent two-thirds of our revenue, increased 7% compared to last year. New business and higher equity markets contributed to growth in assets under custody and under management of 6% and 5%, respectively. Total revenue grew 9% and we maintained a disciplined focus on expenses, which increased 3%, producing meaningful operating leverage. As a result, our pre-tax profit margin improved to 31.2% in the first quarter and our return on equity was within our target range of 10-15%. We also look forward to returning capital to our stockholders in the year ahead as the Federal Reserve did not object to the proposed capital actions in our 2015 Capital Plan. Our Capital Plan and proposed capital distributions demonstrate the strength of Northern Trust’s focused business model, financial position and commitment to stockholders”
William L. Morrison is President of Northern Trust Corporation and is a member of the Management Group.
Prior to his current position, he served as Executive Vice President & Chief Financial Officer from October 2009 to October 2011. From 2003 through 2009 he served as President of Personal Financial Services and Chairman of Northern Trust, NA. From 1996 to 2003 he served as Chairman, President and Chief Executive Officer of Northern Trust Bank of Florida, and President and a Director of Northern Trust of Florida Corporation.
Prior to joining Northern Trust Bank, Bill was President and a Director of Intercontinental Bank until it was acquired by NationsBank in December, 1995. He began his banking career in 1973 with Pan American Banks, Inc. and held various positions including Senior Vice President in Corporate Banking and Executive Vice President for Corporate Lending. Pan American Banks, Inc. was acquired by NCNB National Bank of Florida in December, 1985.
Bill received his B.S. in Finance from the University of Pennsylvania, Wharton School in 1973.
Bill was a resident of Miami from 1973 to 2010. He currently serves on the Board of Trustees of the University of Miami and as a Trustee of the New World Symphony, and is a former Chairman of the Board of Palmer Trinity School in Miami and continues as a Board Member.
He is a Board Member of Junior Achievement of Chicago, Museum of Science & Industry and the University of Chicago Medical Center.
March 12, 2015 – Angie Lau speaks to Wayne Bowers on central bank policy and the investment horizon for global investors in light of quantitative easing in the Eurozone.
April 24, 2015 - Wealth Management Chief Investment Officer Katie Nixon joins CNBC's Amanda Drury on Power Lunch to discuss what's happening in the market, Fed policy, and Northern Trust's investment strategy for the second quarter – and beyond.
September 8, 2014 - Rishaad Salamat speaks to Chief Investment Officer, Bob Browne on the impact of geopolitics on investor sentiment and US equity markets.