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NTRS-News
NTRS-Events
Northern Trust Q3 Revenue of $2.3B Beats Expectations
Reports Q3 revenue $2.3B, consensus $2.26B. CEO Michael O'Grady said, "Northern Trust delivered strong third-quarter results, demonstrating continued progress against our One Northern Trust strategy. Compared to the prior year and excluding notable items, revenues grew 11%, while disciplined expense management generated more than 600 basis points of positive operating leverage. As a result, pretax income increased 21% and earnings per share increased 40%. All three businesses delivered organic trust-fee growth, reflecting strong execution across the company. Market conditions continued to evolve but remained constructive overall. Our diversified business model positions us to perform across a range of environments. Our strong capital position enabled us to return more than $1.5 billion to common shareholders year to date. As we enter the final quarter of the year, we remain focused on supporting our clients, investing in growth and delivering sustainable long-term value to shareholders."
Northern Trust CFO Dave Fox Announces Retirement
Northern Trust Corporation announced that Dave Fox, CFO, has announced his retirement after a long and distinguished career in financial services. Fox intends to remain in his role through the end of Q1 of 2027 to support a thoughtful and orderly transition. Northern Trust plans to conduct a comprehensive internal and external search for its next CFO. During this time, it is expected that Fox will continue to lead Finance and work closely with Michael O'Grady, CEO, and the leadership team to help ensure continuity across the company's financial, regulatory, investor and strategic priorities. "Dave has been a trusted and valued leader whose judgment, discipline and financial stewardship have strengthened Northern Trust," said Michael O'Grady, chairman and chief executive officer. "He has played an important role in helping advance our strategy, support our clients and position the company for long-term success. We are grateful for Dave's continued leadership of Finance through this transition as we conduct a search for his successor."
Northern Trust Raises Prime Rate to 7.00%
Northern Trust has increased its prime rate from 6.75% to 7.00%, effective Thursday, September 17.
Northern Trust Shares Down 5% to $179.92
Northern Trust is down $9.27, or 5%, to $179.92 after company presented at the Barclays Global Financial Services Conference. Chief Financial Officer Dave Fox was asked during the event, according to a transcript, about deposits, with the interviewer stating: "From Northern Trust in both 1Q and 2Q, you talked about higher-than-expected institutional deposits. I know 3Q has been historically seasonally the weakest quarter." Fox replied: "We do these conferences, and we reported earnings not that long ago, so not that much has really changed in terms of the outlook. S&P has barely moved, and the outlook has kind of tracked exactly where we thought it would track. Our jumping-off point was artificially high. It was 128. I think a billion was the average. So we expect a seasonal downturn during this quarter, and that has tracked exactly the way we thought it would track, and we will see how it bounces back towards the remainder of the year. But I would just say that it is generally in line with what I thought it was going to do."
Northern Trust Appointed by J O Hambro for Trading Solutions
Northern Trust's Integrated Trading Solutions, ITS, outsourced trading desk has been appointed by J O Hambro Capital Management, JOHCM, a global equities specialist manager with GBP16.8B in assets under management. "The appointment extends the reach of JOHCM's trading across global markets and time zones, widens the liquidity and broker networks its fund managers can call on, and adds independently measured execution, with the aim of improving outcomes for its clients," the company said.
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