NORTHERN TRUST CORP (NTRS)

Northern Trust Corporation is a Chicago-headquartered financial holding company, formed in 1971, whose principal subsidiary is The Northern Trust Company (the Bank), an Illinois banking corporation founded in 1889. As of December 31, 2025, the Bank held $176.4 billion in consolidated assets and $11.4 billion in common bank equity capital, while the Corporation reported $177.1 billion in consolidated total assets and $13.0 billion in stockholders' equity. The company maintains a global footprint with offices across 24 U.S. states and Washington, D.C., plus 22 locations spanning Canada, Europe, the Middle East, and Asia-Pacific.

Northern Trust operates through two client-facing reporting segments: Asset Servicing, which delivers custody, fund administration, investment operations outsourcing, securities lending, foreign exchange, treasury management, and related services to institutional investors globally (reporting $17.4 trillion in assets under custody/administration, $13.6 trillion in assets under custody, and $1.3 trillion in assets under management at year-end 2025); and Wealth Management, serving high-net-worth individuals, families, and businesses through trust, investment management, private banking, and family office services via offices in 19 U.S. states plus London, Guernsey, Singapore, and Abu Dhabi (with $1.3 trillion in AUC/A and $507.2 billion in AUM). A third function, Asset Management, supports both segments by providing active/passive equity and fixed income, cash management, multi-asset and alternative strategies, and multi-manager advisory products, with its revenues and expenses fully allocated to the two client segments; total firm-wide managed assets reached $1.8 trillion. The company competes against custodial banks, investment counseling firms, deposit-taking institutions, asset managers, insurance companies, and financial technology providers, and pursues growth by leveraging its brand, expertise, technology, client relationships, and balance sheet strength to build scalable fee-based income.

As a Category II financial holding company under Federal Reserve supervision, Northern Trust is subject to extensive regulatory oversight including enhanced prudential standards, capital planning and stress testing (CCAR/DFAST), risk-based and leverage capital requirements under Basel III, liquidity coverage and net stable funding ratio rules, resolution planning obligations under Dodd-Frank and FDIC rules, and potential future long-term debt and clean holding company requirements. Both the Corporation and the Bank exceeded regulatory "well-capitalized" minimums as of year-end 2025, with the Corporation's Common Equity Tier 1 ratio at 15.0% (advanced approach) and the Bank's at 14.6%. The company is also subject to a range of additional regulatory regimes covering broker-dealer and investment adviser activities, swaps and derivatives, anti-money laundering and sanctions compliance, deposit insurance assessments (including a special FDIC assessment tied to 2023 bank failures, for which Northern Trust has accrued $83.4 million), Community Reinvestment Act obligations (holding an "outstanding" rating), and data privacy and security laws in the U.S., EU, UK, and other jurisdictions, including GDPR and CCPA compliance.