Northern Trust Commits US$20 Million to Reduce Opportunity Gap
New Global Philanthropic Focus Unveiled
CHICAGO - Northern Trust announced today it would provide US$20 million over 5 years to expand access to resources that address essential human needs—food, housing, healthcare and education—to bridge the gap that threatens the broader prosperity of our society.
“Recent events, including numerous acts of racial discrimination and violence against countless black people, are a symptom of greater systemic oppression and discrimination,” Northern Trust Chairman and Chief Executive Officer Michael O’Grady said. “Such incidents are a stark reminder that we have a long way to go as a society, and we all have a role to play to push for positive change.
“Racism, and all other forms of discriminatory behavior, will never be tolerated at Northern Trust. Within our company, we are redoubling efforts to create a more inclusive and equitable workplace,” he said. “In our communities, the issues are more complex and consequential. It’s plain to see the continued effects of long-standing practices, policies and attitudes that discriminate against blacks, other people of color and women. Now, more than ever, is the time to redirect our philanthropic strategy to address the obstacles and inequities created by race, ethnicity, gender, sexual orientation, environment and socioeconomic status. Too often, these inequities create gaps in the opportunities people have for reaching their full potential.”
The strategy will be activated globally and tailored to local needs and specific demographics. For example, in Chicago, it will focus on organizations serving young people on the South and West Sides of the city. In London, the focus will be on youths living in underserved communities. And in India, efforts will support organizations that seek to empower women and support children with disabilities.
“We will continue to listen, learn and work closely with our communities to address their specific needs, and concentrate our efforts through philanthropic contributions, community investments and employee volunteer service,” said O’Grady.
Northern Trust’s philanthropic strategy aligns with its efforts to deploy banking services focused on underserved communities hard-hit by the ongoing COVID-19 pandemic, including its recently announced commitment to provide US$100 million in low-cost funding to assist Community Development Financial Institutions (CDFIs), which provide loans, investments, financial services and technical assistance to underserved populations and communities.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 22 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2020, Northern Trust had assets under custody/administration of US $10.9 trillion, and assets under management of US $1.1 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit northerntrust.com or follow us on Twitter @NorthernTrust.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/united-states/terms-and-conditions.