Northern Trust Corporation ·NTRS

Enterprise presidents run Wealth, Asset Servicing, and Asset Management

Financials · Fortune #269 · Hybrid structure · 23K employees · Chicago, Illinois

View as of:
9
CEO span
↓ tighter than peers (avg 11)
3.3
Avg span
moderate
3
Max depth
3 levels
3.5 yr
Avg tenure
stable vs FY2024
78%
Internal hires
↑ above industry avg
Consolidated financials FY2025 · period end 2025-12-31 · 10-K
Revenue
$5.0B
Net income
$1.7B
Total assets
$177.1B
Shares out
186M

Sourced from Northern Trust Corporation DEF 14A · filed 2026-03-11 ↗ View on SEC

Interactive org chart

Northern Trust Corporation organizational chart

Explore the executive structure, reporting layers, and scenario-ready operating model from public filings.

Open editable chart

Enterprise presidents for Wealth Management, Asset Servicing, and Asset Management all report directly to the CEO. This page maps Northern Trust’s hybrid enterprise structure, executive team, key departments, recent leadership changes, and peer comparisons.

What to model

Use the chart to test org decisions, not just view reporting lines

Start with the public baseline, then use the scenario views and source-backed changes to ask what happens when leadership, span, or team ownership shifts.

Latest signal Michael Hunstad joined as President, Asset Management

Appointed President, Asset Management effective September 3, 2025.

Source · See change log

Scenario views in the chart

  • Add Chief AI Officer Create a Chief AI Officer reporting to the CEO to coordinate data, AI, and automation across businesses.
  • Move Asset Management under Wealth Shift Asset Management to report to the President of Wealth Management to tighten product-to-client integration.

Atlas work this supports

  • Connect Workday or UKG Get these analytics for YOUR org — tenure, span of control, headcount, automatically from your HRIS.
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  • Plan a Reorg Use this as a starting point. Model scenarios, compare structures, present options to your board.

The people

Who's running this

10 executives identified as Named Executive Officers in the most recent SEC proxy. Bar length scales with tenure.

internal

Michael G. O’Grady

Chairman and Chief Executive Officer

Executive

8 yr

19 reports

internal

Peter B. Cherecwich

Chief Operating Officer

Operations

2 yr

2 reports

internal

David W. Fox, Jr.

Chief Financial Officer

Finance

2 yr

2 reports

internal

Jason J. Tyler

President, Wealth Management

Wealth Management

2 yr

2 reports

internal

Teresa A. Parker

President, Asset Servicing

Asset Servicing

2 yr

2 reports

internal

Thomas A. South

Chief Information Officer

Technology

1 yr

0 reports

internal

Michael Hunstad

President, Asset Management

Asset Management

1 yr

2 reports

Aengus Hallinan

Chief Risk Officer

Risk

1 yr

0 reports

internal

Susan C. Levy

Executive Vice President, General Counsel & Corporate Secretary

Legal

5 yr

0 reports

internal

Steven L. Fradkin

Vice Chairman

Executive

2 yr

0 reports

The businesses

How Northern Trust Corporation divides the work

4 divisions report into the group CEO. Tile size scales with estimated headcount.

Wealth Management

7K employees

President, Wealth Management (Jason J. Tyler)

Provides trust, investment, banking, and advisory services to individuals, families, and institutions.

Asset Servicing

9K employees

President, Asset Servicing (Teresa A. Parker)

Delivers global custody, fund administration, and investment operations services to institutional clients.

Asset Management

2K employees

President, Asset Management (Michael Hunstad)

Provides active and passive investment management across asset classes for wealth and institutional clients.

Technology

3K employees

Chief Information Officer (Thomas A. South)

Runs enterprise technology platforms, cybersecurity, and digital capabilities.

The thesis

Why this org is unusual

Three separate business presidents—Wealth Management, Asset Servicing, and Asset Management—report directly to the CEO, reflecting Northern Trust’s enterprise-first design.

This structure places full P&L accountability at the top rather than burying businesses under functional layers.

The COO role, created in late 2024, centralizes operations, resiliency, and risk execution across businesses, while technology, risk, finance, and legal remain CEO-level functions. The result is a hybrid structure combining enterprise control with clear business ownership, typical of custody and trust banks operating at global scale.

  • Three business presidents report directly to the CEO
  • COO role created to centralize enterprise operations

The comparison

How Northern Trust Corporation stacks up

Compared with peers like State Street and BNY Mellon, Northern Trust runs with a slightly smaller C-suite but similarly elevates its custody and asset-servicing businesses to CEO-level reporting. Unlike JPMorgan Chase or Bank of America, Northern Trust separates Asset Management as a distinct president-led business …

C-suite size

Northern Trust Corporation
10
State Street
10
BNY Mellon
11
JPMorgan Chase
14
Bank of America
13
Charles Schwab
9

Reporting depth

Northern Trust Corporation
3 levels
State Street
4 levels
BNY Mellon
5 levels
JPMorgan Chase
6 levels
Bank of America
6 levels
Charles Schwab
4 levels

Avg C-suite tenure

Northern Trust Corporation
4 yr
State Street
5 yr
BNY Mellon
6 yr
JPMorgan Chase
7 yr
Bank of America
8 yr
Charles Schwab
6 yr

Has COO / Has CAIO

Northern Trust Corporation ✓ COO — no CAIO
State Street ✓ COO — no CAIO
BNY Mellon ✓ COO — no CAIO
JPMorgan Chase ✓ COO ✓ CAIO
Bank of America — no COO ✓ CAIO
Charles Schwab ✓ COO — no CAIO

Current signals

What changed recently

The most significant change was the creation of a COO role and promotion of Peter Cherecwich to centralize enterprise operations.

  • new
    Michael Hunstad President, Asset Management

    Appointed President, Asset Management effective September 3, 2025.

    Source
  • new
    Aengus Hallinan Chief Risk Officer

    Joined as CRO effective May 19, 2025.

    Source
  • promoted
    Peter B. Cherecwich Chief Operating Officer

    Promoted into newly created COO role effective October 1, 2024.

    Source

Leadership Timeline

Year-over-year executive structure based on SEC proxy and annual filings.

FY2025
DEF 14A filed 2026-03-11
CEO
Michael G. O’Grady
CEO span
9
C-suite
9
Avg tenure
3.5 yr

First full year reflecting the new COO role and enterprise operating model.

Named executive officers (5)
  • Michael G. O’Grady - Chairman and CEO since 2018
  • David W. Fox, Jr. - CFO since 2024
  • Peter B. Cherecwich - COO since 2024
  • Jason J. Tyler - President, Wealth Management since 2024
  • Thomas A. South - CIO since 2025
FY2024
DEF 14A filed 2025-03-12
CEO
Michael G. O’Grady
CEO span
8
C-suite
8
Avg tenure
4.2 yr

Business presidents led Asset Servicing and Wealth prior to COO creation.

Named executive officers (5)
  • Michael G. O’Grady - Chairman and CEO since 2018
  • Jason J. Tyler - CFO since 2023
  • Peter B. Cherecwich - President, Asset Servicing since 2022
  • Steven L. Fradkin - President, Wealth Management since 2022
  • Daniel E. Gamba - President, Asset Management since 2022
FY2023
DEF 14A filed 2024-03-13
CEO
Michael G. O’Grady
CEO span
8
C-suite
8
Avg tenure
5.1 yr

Pre-reorg structure with no enterprise COO.

Named executive officers (5)
  • Michael G. O’Grady - Chairman and CEO since 2018
  • Steven L. Fradkin - CFO since 2011
  • Jason J. Tyler - President, Wealth Management since 2021
  • Peter B. Cherecwich - President, Asset Servicing since 2021
  • Daniel E. Gamba - President, Asset Management since 2021

Year-over-year changes

FY2023 → FY2024

2024 reflected role realignments among business presidents ahead of a broader operating reorganization.

  • CEO span: 8 → 8
  • C-suite size: 8 → 8
  • Avg tenure: 5.1 → 4.2 yr
  • retitled Jason J. Tyler - CFO to President, Wealth Management (was Chief Financial Officer) (DEF 14A, 2025-03-12)
FY2024 → FY2025

The major 2025 change was the creation of a COO role, increasing CEO span and enterprise centralization.

  • CEO span: 8 → 9
  • C-suite size: 8 → 9
  • Avg tenure: 4.2 → 3.5 yr
  • new Peter B. Cherecwich - Chief Operating Officer (was President, Asset Servicing) (DEF 14A, 2026-03-11)

The board

Board of directors

2 directors. 1 of 2 independent (50%). Source: most recent DEF 14A.

Michael G. O’Grady

Chair Inside

Chairman and CEO, Northern Trust

Director since 2017 · Age 60

Also on: Abbott Laboratories

Jay L. Henderson

Lead Indep. Independent

Former Vice Chairman, PwC

Director since 2016 · Age 70

Also on: Illinois Tool Works, The J.M. Smucker Company

Frequently Asked Questions

Who is the CEO of Northern Trust?

Michael G. O’Grady has served as Chairman and CEO since 2018.

What type of organizational structure does Northern Trust use?

Northern Trust uses a hybrid enterprise structure combining centralized functions with president-led business units.

How many direct reports does Northern Trust's CEO have?

The CEO has nine direct reports, including three business presidents and core enterprise functions.

How has Northern Trust's leadership changed recently?

Recent changes include the creation of a COO role in 2024 and the appointment of new presidents for Asset Management and Risk in 2025.

Who reports directly to Northern Trust's CEO?

Direct reports include the COO, CFO, CIO, CRO, General Counsel, Vice Chairman, and the presidents of Wealth Management, Asset Servicing, and Asset Management.

Sources

  • Form 8-K, Sep 2025
  • Company Newsroom, May 2025
  • Company Proxy Statement, Mar 2025
  • SEC EDGAR: Northern Trust Corporation DEF 14A Proxy Statement
  • SEC EDGAR: Northern Trust Corporation 10-K Annual Report

Reference

Cite this page

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APA 7th
Creately. (2026). Northern Trust Corporation organizational structure. Creately. Retrieved , from https://creately.com/org-chart/fortune-500/northern-trust/
MLA 9th
"Northern Trust Corporation Organizational Structure." Creately, April 1, 2026, https://creately.com/org-chart/fortune-500/northern-trust/. Accessed .
Chicago 17
Creately. "Northern Trust Corporation Organizational Structure." Last modified April 1, 2026. https://creately.com/org-chart/fortune-500/northern-trust/.
Original SEC source View on SEC ↗
Northern Trust Corporation. DEF 14A. Filed 2026-03-11. U.S. Securities and Exchange Commission. https://www.sec.gov/Archives/edgar/data/73124/000007312426000022/ntrs-20260311.htm

Permanent URL: https://creately.com/org-chart/fortune-500/northern-trust/ · last updated 2026-04-01

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