Northern Trust Company History Timeline
In 1889, Byron L. Smith collected about $1 million from leading Chicago businessmen, including Marshall Field and Philip D. Armour, to start a banking enterprise.
As the demand from wealthy Chicagoans for his services increased, he decided in 1889 to open a new type of bank.
Despite the panic in the financial industry due to bank closures and industrial insolvencies across the United States in 1893, which, in turn, led to a general economic decline for several years, Northern’s fortunes continued to improve.
During the 1893 Columbian Exposition, held in Chicago to commemorate the 400th anniversary of the arrival of Columbus in the new world, Congress had authorized another Chicago bank to open a branch on the fairgrounds.
Since its founding, the bank had only made collateral loans, but now aware that this policy stymied growth, the board of directors approved Northern’s purchase of commercial paper in 1912.
In March 1914, Byron Laflin Smith died and his son, Solomon Albert Smith, took over the bank.
When the United States finally entered the war in 1917, Northern acted as a depository for the Alien Property Custodian Act and held over $500 million in enemy assets.
But by 1922 the “Roaring Twenties” was in full swing, a time when public confidence in the economy was at its highest, and throughout the nation investors were enticed into highly speculative markets.
In October 1963, Solomon A. Smith died.
The company was founded in 1971 and is headquartered in Chicago, IL.
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A global financial leader with more than 22,000 employees in 23 locations worldwide, Northern Trust empowers our employees to achieve more than just business goals. Our focus on work-life balance, career mobility and unique opportunities are just a few of the reasons weve been named one of the worlds most admired companies.
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History Of Northern Trust Company
Not as large as Chase Manhattan, nor as well known as J. P. Morgan, the Northern Trust Company has built a solid reputation on personal trust management. With stable leadership, conservative but sound policies, and the ability to create its own opportunities, this century-old bank is regarded as one of the most reliable banking institutions in the United States.
The Northern Trust Company was founded by Byron L. Smith. Formerly associated with the Hide and Leather Bank and then the Merchants Savings, Loan and Trust Company, Smith left the banking industry in 1885 to devote more time to family business matters. Over the next four years, however, he was frequently called upon by relatives and friends for advice about planning estates and setting up trusts. As the demand from wealthy Chicagoans for his services increased, he decided in 1889 to open a new type of bank.
Because of the previously chaotic nature of banking throughout the United States, Chicago was ripe for a different kind of financial institution. During the nineteenth century the banking industry was unregulated it lacked any centralized control over bank charters and individual banks issued hundreds of different paper notes, which flooded the local area and were of questionable value. In 1887 the Illinois state legislature, sensing the potential danger, enacted banking laws that regulated state bank charters and the administration of trusts.
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Northern Trust Reviews Faqs
Employees in Chicago have rated Northern Trust with 3.9 out of 5 stars in 990 anonymous Glassdoor reviews. To compare, worldwide Northern Trust employees have given a rating of 3.9 out of 5. Search open jobs at Northern Trust in Chicago and find out about the interview experience in Chicago or explore more of the top rated companies in Chicago.
Northern Trust employees working in Chicago rate their compensation and benefits with 3.3 out of 5 stars based on anonymously submitted employee reviews on Glassdoor. This is 3% worse than the company average rating of all Northern Trust employees. Browse Northern Trust salaries in Chicago to find out how much you could get paid.
Employees in Chicago have rated Northern Trust with 3.8 out of 5 for work-life-balance , 4.1 out of 5 for diversity and inclusion , 4 out of 5 for culture and values and 3.7 out of 5 for career opportunities .
76% of employees in Chicago would recommend working at Northern Trust to a friend, compared to 80% of Northern Trust employees worldwide. The best reviews about Northern Trust Chicago have been left by employees working as Intern, Consultant and Senior Consultant, whereas professionals working as Fund Accountant, Manager and Analyst have given the lowest ratings. This is based on 990 anonymous reviews submitted on Glassdoor.
About Northern Trust Oakbrook Terrace
Northern Trust offers holistic wealth management services for individuals and families, privately held businesses, family offices, and foundations and endowments. Drawing from over 130 years of experience and serving over 25% of the Forbes 400 Wealthiest Americans, our advisors bring unrivaled insight into the complexities of managing wealth. Our firm is recognized for innovative technology, service excellence and depth of expertise across all aspects of financial planning, including wealth transfer, banking, insurance, investments, tax management, philanthropy, family communication and more.
Our advisors are backed by The Northern Trust Institute, a research center established to develop insights that are grounded in real-world outcomes and specialized expertise. More than 175 experts collaborate to analyze behavioral patterns, identify the most effective client strategies and curate advice around important life moments.
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About Northern Trust Chicago
Northern Trust offers holistic wealth management services for individuals and families, privately held businesses, family offices, and foundations and endowments. Drawing from over 130 years of experience and serving over 25% of the Forbes 400 Wealthiest Americans, our advisors bring unrivaled insight into the complexities of managing wealth. Our firm is recognized for innovative technology, service excellence and depth of expertise across all aspects of financial planning, including wealth transfer, banking, insurance, investments, tax management, philanthropy, family communication and more.
Our advisors are backed by The Northern Trust Institute, a research center established to develop insights that are grounded in real-world outcomes and specialized expertise. More than 175 experts collaborate to analyze behavioral patterns, identify the most effective client strategies and curate advice around important life moments.
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Reasonable AccommodationEqual Employment Opportunity Statements
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It is the policy and practice of Northern Trust to provide equal employment opportunities to all employees and applicants. Northern Trust does not discriminate on the basis of race, colour, religion or belief, nationality, ethnic or national origin, sex, marital status, sexual orientation, disability or age. All employment decisions will be made in a non-discriminatory manner in accordance with our obligations under the law and codes of practice. This includes human resources decisions relating to recruitment, terms and conditions of employment, transfers, promotions and access to learning and development.
Northern Trust is an Equal Opportunity Employer. Hiring and other employment decisions at Northern Trust are made without regard to race, colour, religion, sex, ancestry, national origin, ethnic origin, age, disability, citizenship, veteran status, sexual orientation, record of offences, marital status, family status, or any other characteristic protected by federal, provincial, or local law, regulation, or ordinance.
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I spent a great deal of time trying to get info relative deposit, instead found myself spending wasted time navigating prompts only to find myself going around in circles receiving the same response over and over. As a former Robert Bosch employee, I can readily get info from their office, and speak to a human and not waste time listening to same repeating messages. You don’t have a ZERO star, so I will have to give you a 1 star.
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WHO WE ARE
About Northern Trust:
Northern Trust, a Fortune 500 company, is a globally recognized, award-winning financial institution that has been in continuous operation since 1889.
Northern Trust is proud to provide innovative financial services and guidance to the worlds most successful individuals, families and institutions by remaining true to our enduring principles of service, expertise and integrity. With more than 130 years of financial experience and over 22,000 partners, we serve the worlds most sophisticated clients using leading technology and exceptional service.
WHAT YOULL DO
Northern Trust Client Services roles primarily work with our Corporate & Institutional Services group within Asset Services which range from opportunities in Investment Operations Outsourcing, Transfer Agency, the Investment Management Liaison Group, and Custody. Other Client Services roles at Northern Trust are within our Hedge Fund Services department. These roles are middle and back office operations positions that serve our clients utilizing a variety of resources and applications, providing world-class service to those we partner with. See detailed department descriptions below.
Department descriptions:
Asset Servicing
Asset Servicing – Investment Outsourcing Operations
Asset Servicing – Transfer Agency
Asset Servicing – Custody/Investment Management Liaison Group
Hedge Fund Services – Investor Services
Hedge Fund Services – Middle Office
Front Office Solutions
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