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Northern trust goal based investing

northern trust goal based investing

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Just before you go on mute, Glenn, I want to make sure we answer your question really specifically. I think most of that growth came on that other securities line, so if we address -- we address the growth in securities year-over-year. I think that will So the -- in general, the treasury group is always looking for opportunities to lean out a little bit from just cash and we feel confident and there'll be types of investments that are short-term, where it's not cash, but it's -- but there are items where we pick up a little bit of yield.

And so it could be short-term JGBs, it could be other short-term instruments where we pick up a little bit of cash, a little bit of yield without taking too much incremental exposure. And so they've been looking at that in different ways. And part of it -- I think we talked last time about the fact that part of this NII journey is going to be not just the size of the balance sheet, but when we felt confident that we could step out of central banks.

And so as the treasury groups looking to do that, they're looking for, not just these traditional what are we going to do with two year, three year, four year securities or mortgage backs, but other items that can stay short, but still pick up a little bit in yield. And so that's not necessarily something you should see as a longer-term trend, it's something that as we did this initial step out, we saw opportunity. Hey guys, thanks. Good morning. So maybe just a quick clarification on NII first.

Does that include any mitigation efforts? Do you offset the roll-off, roll-on dynamics or that's really kind of like a gross number? And then, there are things you could do to help mitigate the remaining pressure albeit it's obviously selling small, which could get you to more of a kind of flattish IR from here? Well, the answer is, it's very much just looking organically at the amount that's in the book. So that doesn't include any other strategic items, that's just the math of what's rolling off from here.

That said, I do want to caution people even though net interest income is down significantly, obviously, we're not going to be looking to have dramatic changes in our strategy or our risk profile to think about quote-unquote, offsetting the decline in rates. And so, we're constantly thinking about optimizing the investment book and we continue to do that. Got it. That's very clear. Thanks for that. My bigger picture question kind of revolves around fees and this has obviously been a pretty volatile year with respect to both markets and new business and volumes, etc.

Maybe help us level set what has been the organic fee growth in the business. And then, specifically, I was hoping you guys could also hit on the multi -- on the Global Family Office business, that revenue has been kind of flattish for the last four quarters despite a pretty significant growth in assets, I know there is a little bit of lag there, but still feels like the fees are lagging -- lagging the asset base.

So I -- kind of bigger picture question, but if you guys could hit on all that, that would be awesome. They do feel stronger about the pipeline that they have, the one not funded business and part of that is a result of the fact that there were a lot of prospects that we won that delayed implementation partially because of COVID, but still very high confidence level that's going to be on-boarded in fourth quarter or first quarter.

And so we see good opportunity set to bring on that business in the next couple of quarters. That said, the growth in the money market mutual fund business, it's been great, but it has flattened out at this point. And so it's good diversification in the business to sometimes get growth coming from the investment management side and sometimes from the other. So I think importantly, longer term, I -- that again, we continue to see the opportunity to grow at a higher organic growth rate.

Having said that, as we've always said, it's critical that that's profitable growth for us. And so that we're doing it in a way that is coming with operating leverage and fee operating leverage. Now, with the change in the rate environment, that dramatically impacts your ability in the short-term to get the operating leverage. And so as a result, it makes -- it focuses us on ensuring that that growth does not come with the requirement for significant resources. So looking at the expense side of the equation and just making sure that I -- that we keep those in line in this type of environment and that the growth is high quality, scalable growth for us.

So that's on the asset servicing side and Jason mentioned, asset management. Just to close off on Wealth Management, again, as you mentioned, this has been an unusual year and so we've had to shift our sales and new business strategy as a result. I -- and I would say that I'm very optimistic on the long-term prospects for that, but it has, in this interim period, it has caused some additional volatility in the normal sales pattern that we would have.

And so, long term, very positive, but to your point, there is some bumpiness that we've had this year that we haven't had in previous years. I think you're seeing the growth of step-up in the second quarter, can't get into a lot of specifics there, but that type of client, that type of segment for us, both clients can move pretty large concentrated asset holdings onto our custody platform and that's what the majority of the increase was in the second quarter. There is not necessarily a corresponding noticeable increase in fees with that, just because of the nature of the holding, single holding that we might be having on our platform for those clients.

Hi, good morning. I had a couple of questions. On the capital ratios, I know you typically said what a pretty nice cushion above your regulatory minimums and above you know, what your management buffers might add to it, obviously, in this period with no buybacks that some capital ratios improve even further. Could you give us a sense as to how you're thinking about utilizing that excess capital in the event that if succession on buybacks continues?

Is there any -- anything that you might want to discuss about how you could be using that capital outside of buybacks? We've seen some acquisitions in the space recently on the asset management side and wanted to get your sense on that if there is anything to do there. That's the first part of question. All right. I mean, I'll try it and see if I get my voice back. The good news is that Mike and I talk about this a lot, so if I don't, he's going to -- he will definitely be on the same page on it.

So it is -- I mean, I'm going to start with, and you've heard me talk about it a little bit, Betsy, but I think there's four components to how firms, to at least how we think about, how we deploy capital, and how we -- what capital levels we maintain. The first is we have very good genuine discussions with our Board about it and that's not to say that there's any tension there, there is not at all.

We're completely aligned, but we also want to make sure that we're not being presumptuous in saying where we want capital levels to be without having good conversations with them. So that, it really does through if you start with that discussion. And then secondly, we think about capital on an absolute basis, we want to have good cushion relative to where we need to be from a regulatory perspective. The third is we look very closely, frankly, out the side-view mirror and we look at things on a relative basis.

When we talk to clients on prospects, they care and we want to be able to reflect, it's part of our overall value proposition that we've got strong capital levels and we have to be able to evidence that on a relative basis. And the fourth, maybe most constructively, given the fact that the stock price has come down is thinking about things on a returns basis.

And so we think about that deployment of capital, not just do we take capital up or down, but what types of returns are we getting for it, and there we have to compare what returns are we getting by investing in our own stock effectively. And that has to do a lot with where we think things are from a price-to-book perspective and how it's trading and what we think.

And secondly, what opportunities do we have to reinvest organically in the business. And then, third, we're looking at what examples there are where we can invest non-organically outside. And so we've talked about the fact, we're very open and I'd say, particularly, in the Wealth Management space, where it is difficult to have organic growth, we feel very strong about the franchise and we feel like our ability to maintain a high-quality client base is very strong if we were to bring that in.

I mean, you're talking about Wealth Management, you're talking about teams, firms, portfolios, is there any nuance to that? You know, the teams, I think is harder. I think those tend to be -- first of all, culturally, it's not super consistent for us to do something like that for various reasons and happy to talk about it a little bit more.

I think firms, where you've got more of a sense of scale that's been there, but there maybe not at the scale that we are, and we can bring that in. And so thinking about an organization, and an established organization with the client base, but with the leadership that hasn't been able to develop a succession plan in place or they think it just might be better to go to the infrastructure of a larger organization and you think about the scale we represent at that asset level, we can be a good solution for firms that don't have that succession planning in place.

There -- it's there to the extent their asset -- there are opportunities in asset management. It's a little bit more nuanced, we've done some things there quietly, more small that had been extremely consistent with our strategic desire to do more intermediary distribution. And so we look closely at those as well. I think the distinction might be -- probably a little bit of a higher bar right now to do something in size at the asset servicing side of the business.

And then, what if the Fed does lift the restrictions on buybacks? Maybe you could give us a sense as to how you're thinking about, how you would manage the capital in that scenario in terms of the pace that you might start buybacks back up at, and how quickly you want to get back down to the capital ratios that you think are most efficient for your business model?

So Betsy I think Jason laid out the framework, so I won't go into that. But that is the framework that we would apply should the Fed lift the restrictions. And we'll see but prior to the pandemic, we were repurchasing our shares and so it depends on that broader environment that we would lay over with the regulatory constraints.

And so, I would hope that to the extent that the Fed removes the restrictions, that's also an indication that the environment is relatively favorable, which will put us back in a position similar to at the beginning of the year, where we were both able to and were repurchasing our stock.

Good morning and thanks for taking the questions. First, you guys have been focused improving investing in the business, you're also going to be driving efficiencies in operating leverage. As long as we're operating in this work from home backdrop, I'm just curious if you find additional areas of potential efficiencies whether it's in real estate or other areas that could drive that longer-term?

We -- this environment has been very, obviously, made everybody take a step back and think about that, we have, frankly, there are things that we're accelerating the business. I mentioned, super quickly in the opening comments that we're on a real-estate strategy journey right now.

We looked deeply at that just a couple of months ago, kind of in the midst to this to say how does the healthcare crisis influence that strategy. And there are elements of it that it accelerates. And there're consolidations you're thinking about that, frankly, we're saying, we can do that faster. And then, there are other things that we were not considering before that this endeavor makes us consider. And I tell people kind of jokingly, a year ago, I did not know how many square feet we had off the top of my head and now, I do.

And I know where they are and I know how much we're paying per foot. And so we're talking about that element a lot to try and think about what does real estate look like in the future, not just domestically, but internationally and there are lot of creative things we can do to try and be more efficient and try and leverage the technology that we've invested in into our partners, in order to decrease reliance on square footage frankly.

And that also leads to areas of saying how we become more resilient, how do we think about resiliency with our workforce overall, and we've had to make them more technologically equipped in order to be resilient and that adds flexibility as well obviously in very creative other ways, the way we think our resiliency centers and other things like that. Okay, it's helpful. And then Jason, you mentioned in the past, the loan demand will be a key driver in NII going forward and we see fairly emerging trends across the industry, it is still fairly weak loan demand, but pockets of strength within the wealth area.

And so just I am trying to get an update on your front, in terms of the demand that you're seeing across the business. Yeah, you can't -- it's interesting, you can't see it from the financial statement, but loans are actually a tick up within September season, and that surprised us. So when you go back 90 days ago, we -- I think everyone felt like we were going to see balance sheets come down, we thought liquidity -- we thought cash was going to come down, deposits going to come down, we thought loans are going to come down.

But our balance sheet, on average was up in the quarter and even there it's not those declines are holding more deposits, but loans were held in. And so I -- it does seem like there, some of the loan demand we have is coming from clients that are saying they want to be ready to do things if -- to be more active if they see opportunities come up.

It's unclear whether or not that will actually happen, whether or not the opportunity come or whether or not they will actually pull the trigger on it, but that's certainly been the case that they've held in in terms of loan -- of loan volume. And and we've been talking recently about the fact that liquidity in general is a big component of what we do with our clients.

And then on the other side clients know that as they've worked with us, we understand their asset composition well, and so we can be a thoughtful lender in terms of how to structure things in the most efficient way for that. Thanks very much. Just a couple of 4Q questions getting out of the way. Just if you could comment on the typical seasonality that we see an uptick in expenses that we typically see in the fourth quarter in conjunction with the golf open, which added some expense in 3Q.

And also the exit rate for money market fee waivers, just trying to get a sense of sort of where we're running into for 4Q on that? There are components of expenses in fourth quarter that are -- that we should actually curve because I think third quarter in some ways is not an ideal run rate for some of them.

And so maybe just walk through it a little bit. First of all, take benefits for example, there you'd see the trend that took place, but the part of it, in fact that medical has gone and it's not the enormous line, but it's had enormous jump from second quarter. That's closer to a typical run rate, but could still see some tweak up from there.

And so I think that's just something to keep in mind that as our partners exited effectively doing normal things in their own healthcare maintenance, that's coming back online and it had a surprisingly large level of volatility from my perspective frankly.

And then outside services is another one where we believe we'd see a similar step up in fourth quarter to what we saw in third quarter. There is a lot of business volume related cost within that category that are likely to increase and we're still running at relatively low levels of the costs, when you think about things like consulting, legal technical services, the dial down and we're doing everything we can to tamp those down, but that could come back up.

And then equipment and software. The category where the expenses are expected to have high levels -- higher levels of growth this year. As -- in fact, we've invested in the business, we've got higher depreciation and amortization costs, we've called that out.

And so if that's kind of in the soup, it's hard to tamp that down as aggressively. And then I'll talk about occupancy, I mentioned it a little bit. There is going to be volatility there. We've -- we're going to make some investments frankly in occupancy to try and get our longer-term run rate down a little bit. And so you're going to see that line item bounce around a little bit. And so in general, I would say it's less about seasonality of run rate and expenses and it's more about two things, one is what -- how do we get back to undoing the COVID related influences on expenses, and second, what are the investments we're going to make to try and decrease our run rate in the long run.

Yeah, thanks. So let me -- I'll do a couple of comments there. And so, we're talking about the fact that we have a decent amount of waivers, but from a much higher revenue base, and so the story there is kind of mixed in some ways. That's super helpful. And then Mike, maybe on just ESG, you mentioned that at the outset. The ESG analytic service that you have sort of, maybe if you could just talk about where you are in the growth to half of that?

And are you rolling it out to all of your asset servicing clients and have to take up? And then also on the wealth management side, are you seeing more demand from your wealth clients for investing in ESG product that you have and sort of the organic growth outlook in the investment management side for your ESG product.

So Brian, the reason why I did mention it upfront, it's because ESG does run across the company in each of our businesses. And you started to highlight it there, but let me go back through a little bit. First of all, just from an investing perspective, to your point, we are seeing more and more demand from our clients, both institutional, but to your point, on the wealth side, I -- including our GFO clients in ESG investment product and investment strategy. So as a result, I -- we've -- as you would expect with our business model, we've looked to fulfill those demands with ESG product from our asset management group.

And then, more broadly in thinking about our institutional clients, particularly asset owner clients, I -- they're being held to a higher standard as well as to how they're investing and from an ESG perspective and as a result, they need the analytics around that. So I talked about the capabilities that we rolled out and to your point, I would say early days on that because I think this is a very long-term trend.

Hi, Mike, hi, Jason, and Mark. I just want to follow up on the operating error, I know you've had those for years and I know -- I recognize that's one item, but large amounts do get a lot of attention. You, I'm sure, are aware of what's happened to another -- to a GSIB when the amount got much larger similar to their business if they do have postponed compares.

And I know you've been -- what do you plan to do to automate more of these processes so that you have less of these or since you probably talk about trying to do stuff, but you need less reconciliation plus checking. So Mike, what do you need to do to step up to limit the -- these and hope that something like this doesn't get even to be a larger amount in the future.

Sure, Vivek. So, as Jason mentioned, this is the nature of our businesses and that part of the business is processing transactions for our clients, broadly speaking and there are certain aspects of that that have been automated and were automated years ago. And that's what you would expect is fine. The areas that lend themselves to automation, you get the benefit of both efficiency, but also dramatic reduction in risk from incurring errors. And so that's the longer-term path that we've been on for and I'd say, the industry as well for some time period.

And then you have other aspects of what we do that don't lend themselves as much to automation because of the idiosyncratic nature of the particular transactions. So in this case, corporate actions where certain aspects of corporate actions are very straightforward and so they've already been automated or portions of them have been automated, but other parts where it's still difficult because of the lack of homogeneity of the transactions themselves.

With that said, we have -- this area, even though it's primarily manual with some level of automation, it's an area that gets a lot of attention from a procedures and control perspective and frankly as much as there have been errors in the past, it's been very well controlled.

So think about it as higher inherent risk as we see it, but with procedures and controls that we've been able to manage and mitigate the risk that comes with that. That's not to say that we haven't been on a path of trying to add in additional workflow tools and automate additional things that we can, we've been investing, broadly speaking in our security services areas significantly for years to modernize the technology in there, in that area.

So it's on a path and then you have a situation like this that occurs that certainly brings more attention to it, but it wasn't attention that we felt as though, boy, we've ignored this area rather we've controlled it and we've tried to improve it, but it requires additional procedures and control and as we go forward more modernization and automation as well. Understood, thanks. A quick one for Jason, I'll take a minor one.

Could you give us the number, ex-FX translation? Just to clarify -- this is Mark. And that line -- I should also add, even though you didn't ask, that is the area that we saw the EAFE Local is down on a year-over-year basis. Okay, great. Thanks for clarifying that, but I'm going -- Jason with Mark. Okay, thanks. Hey, good morning. Thanks for taking my questions. Just -- actually, sort of following up on that line of question from Vivek. I know that it doesn't always translate that way to how you run the business and how you strike the deals and the contracts and they -- the way all the pricing works, but could you maybe provide some color in helping us understand what might have caused some of those dynamics?

Are those sustainable? What was behind that, just to help us inform as we sit down and think about our modeling and where to go from here? I think more and more frankly there is going to be less connectivity between the asset level and revenue level and lot of the negotiations that take place, we're thinking about trying to include more holistic approach to the relationship, which might be what we're doing with the firm with investment management, what we're doing with integrated trading solutions, what we might be doing from an IOO perspective, how we're handling cash and suite.

And so I know it's super frustrating to not be able to just use that row on a model to predict the revenue, but more and more the reality is, it's just -- it's disconnected in terms of the way the business actually prices these relationships. Mark's spent a lot of time thinking about this too. Mark, you add your thoughts. And then, more importantly, and it gets a little bit to what Jason was saying as mix of business and even within the actual asset servicing fee category, a very large domestic U.

So there is a mix that's at play too besides the timing which we've talked about before, end of period versus earning over a quarter, but hopefully that helps. It's a tough one to unpack we understand to the point that Jason mentioned. So just -- that's all fair and I totally appreciate that. But to the point of -- can you give some color as to the point of the third quarter as a jumping-off point then? Like were trends that you saw in the quarter then reasonably sustainable?

Was there some sort of noise that might have caused that divergence to look a little wider? Just to help us kind of, any help you can give on that front as we think about it? Well, in the -- a couple of thoughts. One is that in the spirit of -- the business does have some compression, this to get to your specific point earlier, as you asked the question, I want to make sure we come back to and address it specifically.

And those decompressions are going to be honored, whether or not we're in a COVID environment or not. I actually think though that doesn't have as much of an influence on the dynamic that you're realizing, which is that there seems to be, there's a disconnect between the growth and asset levels in the growth trust fees. And then, the short run, you can have flows into and out of the business that are going to be reported on -- the assets you're going to be reported on where they are at the end of the period and the revenue is going to be reported based on where they were a prior period, period before that, maybe average.

And so, it's very misleading to try and do the math on short-term, to try and get a sense of what the fee-realization rates look like on the business, on an incremental basis, and even the business is being added, if it's being -- if it's a very large pieces of business, they could be at extremely low fee rates and -- but if it's more a middle-market activity, it could be much higher.

So the business mix itself will have an influence there, but much less on the ultimate profitability. Thanks for your patience with that one. My second one, second question is around just trying to get at the processing error again, and I think, Mike, you might have made some comment about this, but I just wanted to kind of explore. I think you said that you all are continuing the review, those processes fee opportunities for automation control and process review, which is of course is ongoing, but maybe an event loss like this might sharpen pencils, so to speak.

Will this have some kind of impact do you think on investment in the near term or some of the expense lines as you guys look to maybe shift or invest in some automation, hire some additional staff through that effort, or what have you? Or is it more operational focus rather than the potential for investment? So Brennan, I would say it's some of both.

So certainly, there are the operational aspects, which I talked about. And just to be clear, we've done the full scrub on this incident already and have changed the procedures already and changed the controls already in that area. And from a resource perspective, it was not a question of insufficient resources in the area that resulted in the air all the same. We're trying to ensure that that isn't the case at any point going forward as well.

So whatever resources, but that's not something that would result in a change in our financials if you will or expense run rate. And then on investments, to your point there, it will -- the incident in and of itself, it doesn't change our investment plan. But the broader environment, without a doubt, you're always, we are always impacted by the situation that we're in, and as a result, prioritizing our investments. So there's -- the opportunities we have to invest far outstretch what we would deploy in a given year, and as a result, you have to determine, OK, how do you prioritize those?

And do you focus on productivity investments for productivity, investments for risk management, investments for innovation and growth. And so that's a process we go through every year and ongoing. And I would say in the environment that we're in now, we have to ensure that yes, we have the operational resiliency and levels of automation to ensure that going forward. And then, second, I would say, productivity. We have to make sure that we're investing the technology dollars in a way to get the productivity improvements we think we need in this environment to be able to drive scalable growth.

Sorry about that. So maybe just a follow-up on deposits. It seems like noninterest-bearing deposits for you guys grew pretty nicely, both on a average and period-end basis, where your peers saw declines. And it seems like that helped you, I guess, outperform on NII a little bit.

So I just, is there anything unusual in the noninterest-bearing side, is that something you're trying to grow or is that just these episodic puts and takes? I mean, I -- maybe I'd put it a little bit in between. I mean, first of all, actually, I think it's good for people to realize the reason we did better than we anticipated with NII frankly, a little bit less around the size of deposits that certainly played a factor, but I come back to the fact that we were able to turn on non-cash and loans held in better.

And -- but then to your specific question about the growth in that category, hard for us to comment on what the industry is experiencing, but we've -- back to the scene that we talk about liquidity a lot with our clients and they view, they tended comment to us that they view our balance sheet is very strong, we try to position it that way. And so we're happy to be liquidity partner for our clients there, and I do think that has an influence on where they tend to park their short-term assets.

Looks fair and then -- and maybe for Mike. You mentioned it upfront that you're trying to do more with current clients. What -- any example that you can give us in terms of what you see as the biggest opportunity set to do more with your current clients? So, first of all, I would say within the businesses there is definitely the opportunity and one we're pursuing to do more, particularly, I would say with asset managers.

And so just thinking about our approach to the market from a whole office perspective, it's not just back office or middle office, but also, what we can do on the front office. So I mentioned, for example, integrated trading solutions or essentially outsourced trading for those institutions, that's doing more with those clients. So it's using really our position of strength, which is in the back in the middle office to be able to do more in the front office for them. So that's on that side and I could use, I'll say, other examples within the businesses but also, I want to add though and highlight, it's also across the businesses.

And so, it's a concerted effort to say, if we have a, let's say, an administration client, fund administration client, are we providing wealth management to the executives of that firm? Or if we have a corporate client where we are the asset servicer for their pension plans, can we provide a wealth management solution or program, what we would call firm-to-firm for their executive group. And so it's those types of cross-business opportunities that -- historically, we've done very well with these, but I would say it's more because of the culture and the way that we operate, and we're trying to be more purposeful and disciplined about how we do that.

So, wanted to start off with a question on just some of the NII comments. And specifically, I was hoping you could help us think about the incremental capacity that you have currently to remix some of those excess reserves into securities. And just as we think about modeling the securities yields, where are you into reinvesting today versus the basis points on the back book? The capacity is a trickier one because it depends on how quickly that deposits come in and if we -- and sometimes we have to let deposits season in order to get proper treatment for those to -- and get it, and get the confidence level, they're going to be -- that they're going to stick around, so that we know we can take more duration risk with those.

And so the reality is the size of the deposit base doesn't necessarily correlate exactly to what we can think about in terms of non-cash reinvestment opportunity. In terms of the opportunities on where we are investing at the time, there is more of a distinction there. Frankly, we did step away from just Central Bank Deposits once we started to feel that the balance sheet was more stable. And frankly, it is just something people have missed, part of the reason that that I think all banks were even going to the point of why did -- why were share repurchases suspended.

Banks wanted to be there for their clients, if in case there were significant loan demand and in case there is very significant demand to place deposits where you want to make sure that regulatory ratios were going to be adequate. And given the fact that we've got such a large custody base, we wanted to make sure that if those assets started to come for the balance sheet, we were going to feel good about it. And so we were patient on that and -- but the more we realize that there was stability from a client perspective, the other components to the regulatory environment were there and more stable, we could take a step away.

And what we did in third quarter was really incremental in size and in asset class. But if you think about eventually the things that we can start to move more toward longer-dated securities and we can start to move more toward CLOs, more toward MBS.

Now the -- unfortunately, in a typical environment, you might see more or less 50, 70 basis point differential between the non-HQLA portfolio and the HQLA portfolio, that's compressed and it's more like a 30 basis point differential at this point. And there are other things that we can do and explore based on what the opportunity set is given the risk and return framework at the different securities that we feel comfortable in. But that should at least give you a little bit of a framework on how we think about it, and a little bit of the dynamics from a quantitative perspective as well.

All right, OK, that's helpful color. And then just thinking about the expense outlook, now looking at the , I just wanted to better understand how we should be thinking about the expense growth trajectory? NII is expected to decline about low-double digits assuming versus the current run rate, things are relatively stable. The fee income growth potentially growing mid-single digits at least on an organic basis.

And just wondering is there room to do better on costs where expense growth actually lags in the organic fee growth to help dampen some of those pressures or how you thinking about it in terms of the general internal philosophy? Well, we still consider ourselves a growth firm and we're investing for growth in new things. Things even like the growth in the money market mutual funds. It takes investment upfront to get the cut-off times right and to get investments done with portals.

It takes also the expense growth on an incremental basis, when you think about the administration fees that we pay to some of the -- on some of the processing side. And so I think that's a good example. Just thinking, we think about things more from an operating leverage perspective. And to the extent that we have good operating leverage in the business, then we're going to feel OK about the expense growth, otherwise we have to be extraordinarily disciplined about it.

And so let me just break it down in three different levels of how -- and to your question, how do we think about it in three different levels. One is total operating leverage, two, trust fee operating leverage, and three, organic trust fee operating leverage.

Now on the first, with this total operating leverage that's including a very declining component of revenue which is NII. And so it's going to be very difficult. And I don't think it's a very pure test right now given the unpredictability and the disconnect of that line items from the rest of the business, you think about that as the one we want you to focus on.

The other end of the spectrum is organic trust fee leverage. Aggressive management, loan reserves, and write-offs enabled the bank to restore its asset quality. In , company veteran David W. Fox became the seventh CEO of the company. William A. Osborn was named president and chief operating officer in and became chairman and chief executive officer, in addition to president, in Northern Trust had managed the k plan for Enron's employeees, who alleged mismanagement and breach of fiduciary duty.

Osborn stepped down as president in and as CEO on January 1, During his tenure, Waddell was able to guide the bank through the financial crisis. In Northern Trust was one of 3 banks able to gain large profits. The company strives to give approximately 1. Effective January 1, , Michael O'Grady became chief executive officer of the company. From Wikipedia, the free encyclopedia.

American financial services company. This article is about the financial services company. Traded as. Net income. Securities and Exchange Commission. Retrieved 20 April Retrieved Sovereign Wealth Fund Institute. Crain's Chicago Business. August 12, Chicago Architecture Info. Retrieved February 6, The New York Times. March 23, July 4, Chicago Tribune. October 10, August 9, Norman "Bud" Staub: - ". June 1, University of Chicago Chronicle.

June 9, The Wall Street Journal. New York City. The Houston Chronicle. Retrieved 11 January Institutional Investor. Financial Times. Inside Philanthropy. Northern Trust. October 2, — via Business Wire. Retrieved 29 April Banks portal.

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