Every material Form 8-K Northern Trust filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Northern Trust reported third-quarter 2024 net income of $464.9 million, or $2.22 per diluted share, up from $327.8 million and $1.49 a year earlier but down from $896.1 million and $4.34 in the second quarter. Trust fees rose 8% and net interest income rose 21% from the prior-year quarter, while the sequential decline mainly reflects notable items recorded in the second quarter.
Net income of $464.9 million, or $2.22 per diluted share, versus $327.8 million and $1.49 in Q3 2023
Total revenue (FTE, non-GAAP) of $1,975.6 million, up 14% from Q3 2023 and down 27% from Q2 2024
Third quarter included a $68.1 million pre-tax gain on the sale of an equity investment
Returned more than $450 million to shareholders, including $301.4 million spent on 3,463,546 repurchased shares
Northern Trust announced a set of senior leadership changes, all effective October 1, 2024, including a newly created Chief Operating Officer role and a new Chief Financial Officer. The changes are framed by the company as part of its One Northern Trust strategy, and the filing discloses no financial results or guidance.
Peter B. Cherecwich moves from President of Asset Servicing to the newly created Chief Operating Officer role.
David W. Fox, Jr., currently President of Global Family & Private Investment Offices, becomes Chief Financial Officer; Jason J. Tyler moves from CFO to President of Wealth Management.
Teresa Parker, who had planned to retire, will defer retirement and serve as President of Asset Servicing; Steven L. Fradkin becomes Vice Chairman.
A successor to Fox as President of Global Family & Private Investment Offices will be named soon.
Northern Trust reported second-quarter 2024 net income of $896.1 million, or $4.34 per diluted share, up from $214.7 million in the first quarter and $331.8 million a year earlier. The results were driven mainly by a $878.4 million net gain from the Visa transaction, while $196.3 million of restructuring charges and other notable items partly offset it. Shareholders should note that the gain is one-time in nature and that trust fees, which rose 6% from the prior-year quarter, are the company's largest recurring revenue source.
Net income was $896.1 million, versus $214.7 million in Q1 2024 and $331.8 million in Q2 2023.
Diluted EPS was $4.34, compared with $0.96 in Q1 2024 and $1.56 in Q2 2023.
Visa-related net gain of $878.4 million; restructuring and other notable items totaled $196.3 million, including $85.2 million of severance-related charges and a $70.0 million charitable commitment to the Northern Trust Foundation.
Trust, investment and other servicing fees were $1,166.1 million, up 6% from Q2 2023. The company returned $405.1 million to common shareholders through dividends and buybacks.
Northern Trust Corporation elected Chandra Dhandapani as a director of the corporation and of its principal subsidiary, The Northern Trust Company, effective May 29, 2024. She previously was a senior advisor at CBRE Group and earlier held technology and operations roles at Capital One Financial, and she will receive prorated director equity awards through the 2025 Annual Meeting.
Board election effective May 29, 2024; also elected to The Northern Trust Company board
Committee assignments have not yet been determined by the board
Compensation includes prorated equity awards through the 2025 Annual Meeting of Stockholders, under the non-employee director plan
Previously served as CEO of CBRE's Global Workplace Solutions segment and spent 17 years at Capital One Financial
Northern Trust reported first-quarter 2024 net income of $214.7 million, or $0.96 per diluted share, down from $334.6 million and $1.51 per share in the first quarter of 2023, but up from $113.1 million and $0.52 in the fourth quarter of 2023. Results included a $189.4 million pre-tax loss on securities sold in a portfolio repositioning and a $12.5 million increase in the FDIC special assessment, while total revenue on a fully taxable equivalent basis was $1,654.1 million, down 6% from a year earlier. The company also declared $153.4 million in common dividends and repurchased shares at a total cost of $132.0 million during the quarter.
Diluted earnings per share were $0.96, compared with $1.51 in Q1 2023 and $0.52 in Q4 2023.
A $189.4 million pre-tax loss on available-for-sale debt securities sold in a portfolio repositioning reduced investment security results.
Trust, investment and other servicing fees rose 7% year over year to $1,142.9 million.
Assets under custody/administration were $16.5 trillion as of March 31, 2024.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Northern Trust filing is on SEC EDGAR ↗. 8-K briefs of other companies →