The shareholders elected everyone. 13 directors and approved the advisory vote on compensation, the 2026 employee stock purchase plan and the ratification of KPMG LLP as Northern Trust’s independent auditor.
The management highlighted the “A northern trust” strategy and enterprise-wide implementation of artificial intelligence tools (including the “NT Byron” property) to enhance client-facing capabilities in wealth management, asset servicing and asset management.
Northern Trust reported 2025 revenue of $8.1 billion (down 2%, +7% excluding notable items), yielding a record of 1.9 billion dollars to shareholders, including $1.3 billion in buybacks (reducing shares by 5%), and raised medium-term targets to a pre-tax margin of 33% and an ROE of approximately 10%.
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Northern Trust (NASDAQ:NTRS) held its 2026 Annual Meeting of Shareholders virtually, with Chairman and CEO Mike O’Grady presiding and reporting a quorum based on shares represented by proxy. The record date for the meeting was February 23, 2026, and the company said the notice and proxy materials were mailed on or around March 11, 2026.
Shareholders voted on four agenda items outlined in the proxy statement, including the election of 13 directors. O’Grady introduced the nominated directors who participated in the meeting and noted that Lord Charles Powell serves as an advisory director to the board.
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After the polls closed, O’Grady said the election inspector reported that “all candidates have been duly elected and all proposals have been approved.” Proposals included an advisory vote on pay, approval of the employee stock purchase plan by 2026, and ratification of KPMG LLP as an independent registered public accounting firm by 2026. Representatives from KPMG LLP, Diane Kunz and Kelly Schmidt, attended and were available during the Q&A.
Following the formal business portion, O’Grady delivered prepared remarks on the company’s strategy and performance. He said that “despite another year of heightened macro and geopolitical uncertainty”, Northern Trust delivered “a strong performance in 2025”, citing the resilience of its business model and the execution of its “One Northern Trust” strategy.
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O’Grady described the company’s vision as becoming “the most trusted global financial partner” by offering “AI-enhanced, human-led wealth solutions through the integration of innovation and integrity.” He said that the strategy is based on three pillars:
Optimized growthfocused on selective growth in wealth management, asset services and asset management
Strength and resilience and risk management.including investments in cybersecurity, controls, modernization and operational efficiency
Boost financial performanceemphasizing productivity, prices and expense discipline.
O’Grady said all employees now have access to artificial intelligence tools, including the proprietary “NT Byron” platform, which is used in areas such as sales, marketing analytics, scheduling and fraud prevention. It also said productivity savings represented “more than 4%” of the expense base last year, excluding notable items.
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In Wealth Management, O’Grady said the company strengthened the franchise in 2025 through initiatives aimed at improving client-facing capabilities, accelerating client acquisition and expanding investment solutions. He said the global family office business generated record new business and that Northern Trust launched “Family Office Solutions” for ultra-high net worth families, which “exceeded expectations in its first year” and is expanding to all domestic markets. He also highlighted that the company was named “Best Private Bank in the US.” for the Financial times for the thirteenth time in the last 17 years.
Turning to Asset Servicing, O’Grady said the company was focused on profitable and scalable growth, securing “more than 100 new mandates” in 2025 from institutions including pensions, sovereigns and endowments. He said Northern Trust’s cloud-based front-office solutions platform supports “more than $1 trillion” in client assets. It also cited strong 2025 results in global capital markets and said healthy brokerage and currency trading activity contributed to a “350 basis point increase” in asset servicing pretax margin.
At Asset Management (NTAM), O’Grady said the unit is “one of the 20 largest asset managers in the world,” with capabilities in active and index strategies, including equities, fixed income, cash management, multi-asset and alternatives. It said product launches doubled year-over-year in 2025, including 11 new ETFs, and that liquidity assets were “approaching almost $340 billion.” He added that alternatives and tax-advantaged capital capabilities generated record organic growth.
O’Grady reported 2025 revenue of $8.1 billion, down 2% from a year earlier, attributing the decline to unusual items in 2024, including an $866 million gain from monetizing a portion of the company’s Visa shares. Excluding notable items in both periods, it said revenue rose 7%, driven by 6% growth in fiduciary fees and record net interest income of $2.4 billion, up 11%.
He said expenses increased 2% in 2025, or 5% excluding notables. Pretax operating margin was 28.9%, below lofty 2024 levels, while reported earnings per share were $8.74, down 11% year over year but up 17% excluding notables. O’Grady said return on average common equity was 14.4%, “straight within our target range,” and noted that capital levels remained “very strong.”
The company returned a record $1.9 billion to shareholders in 2025, O’Grady said, including $600 million in cash dividends and a record $1.3 billion in share buybacks that reduced shares outstanding by 5%. He also said Northern Trust raised two of its three medium-term targets, increasing its pre-tax margin target to 33% and raising its return on equity target to the mid-teens, while keeping the trust expense ratio target unchanged at 105%-110%.
During the question-and-answer session, O’Grady responded to a question about offering a buyback program for small shareholders, saying that share repurchases are typically executed on the open market and that Northern Trust “does not offer common share repurchases targeted to specific shareholders.”
Asked whether the company would display the shareholder list during next year’s annual meeting to investors with a control number, O’Grady said the company would “take that into consideration” and referenced provisions of Delaware law that allow examination of the list for 10 days ending the day before the meeting, with access provided during regular business hours at the company’s principal place of business.
O’Grady also addressed a question related to Northern Trust’s charitable partnerships and policies, saying the company performs diligence on aligned organizations to ensure they “align with our corporate standards, policies and values.”
The meeting concluded after questions were addressed.
Northern Trust Corporation (NASDAQ: NTRS) is a Chicago-based global financial services firm that provides asset services, asset management and wealth management solutions to institutions, corporations and high net worth individuals. The company’s core businesses include fund custody and administration, investment operations outsourcing, trust and trustee services, private banking, and defined contribution and retirement plan services.
Northern Trust’s product and service offerings span custody and fund accounting, portfolio and performance analysis, securities lending, cash and foreign exchange management, as well as discretionary and non-discretionary investment management.
The article “Northern Trust Annual Meeting: Shareholders Elect Directors, Approve Call Option, KPMG Ratification” was originally published by MarketBeat.
