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Northern Trust

Northern Trust is headquartered in Chicago, Illinois. The company had a market capitalization of approximately $23 bn as of April 2, 2018. At 4Q17, Northern Trust was ranked 16th in the United States with assets of $139 bn. The company's total equity was $10 bn. Northern Trust has 2 major operating segments. The processor bank provides investment management, asset and fund administration, fiduciary and banking solutions for corporations and institutions globally. Northern Trust also functions as a bank for high net worth clients. The largest U.S. states are Illinois, Florida, and Texas. Northern Trust focuses on clients with at least $1 mn in investable assets, up to "family office" structure for ultra high net worth clients. Northern Trust's high net worth business is focused in the U.S., but may consider future expansion abroad. (15 Oct 2018)

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Euro Financial Movers: Stressing The Positives

Euro Financial Movers: 02 Dec 2018, 10:07 PM ET - The Bank of England's stress test results, more money laundering problems for Danske Bank and Deutsche Bank, HSH Nordbank's Tier 1 termination, Axa's deleveraging, and the effect of S&P's rating methodology change on insurance hybrids.

US Banks: A Glance at Impact of Mid-term Elections

Sector Analysis: 15 Nov 2018, 5:14 AM ET - We explore the impact of mid-term elections in the US on banks. The rollback from legislation is likely to end (ex-bipartisan initiatives). Regulators still have leeway to alter requirements/details, and we see more hearings on the horizon.

U.S. Regional Banks: Fed Guidance on 2019 CCAR

Worth Watching: 14 Nov 2018, 10:27 PM ET - U.S. Regional Banks: In a recent speech, the Fed's Vice Chairman of Bank Supervision Randal Quarles commented on plans for the upcoming CCAR cycle. The Fed is in the process of deciding  how to implement a number of changes that have been proposed ..

US Banks Conf. Notes: Big Data + Digital Divide

Sector Analysis: 13 Nov 2018, 4:14 AM ET - We attended BancAnalysts Association of Boston (BAAB) conference in Boston, where 10 banks in our coverage presented. One of the main takeaways was the capabilities that the big money centers have built around data analytics.

US Banks: Fed Proposes Reg. Overhaul for Non-GSIBs

Sector Analysis: 01 Nov 2018, 5:30 AM ET - The Federal Reserve released two Notices of Proposed Rulemaking (NPRs) to revise capital and liquidity requirements for banks $100 - 700 bn in assets. Certain requirements for the 8 GSIBs were addressed in a separate NPR.
Focused

NTRS: 3Q18 Missed Despite YoY Earnings Growth

Worth Watching: 17 Oct 2018, 11:44 PM ET - NTRS (A2/A+) reported 3Q18 earnings of $375 mn (-4% QoQ, +26% YoY), or $1.58 per share, missing consensus estimates of $1.61. Third quarter results included a $8 mn charge associated with impairment of a equity investment, as well as $3 mn of ..

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

US Banks: 3Q18 Preview - Reg. Oversight & Funding

Sector Analysis: 10 Oct 2018, 9:08 PM ET - Citigroup, JPMorgan, Wells Fargo and PNC kick off U.S. bank earnings on Friday. We will be paying close attention to funding costs as well as commentary on lending standards reflecting the possible easing of regulatory oversight.

US Banks: Emerging Markets Exposure

Sector Analysis: 11 Sep 2018, 5:55 AM ET - We review the exposure of US banks to emerging economies as they experience a number of challenges ranging from geopolitical issues to trade-related concerns to rising current account deficits.

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.

US Financials: Turkish Delights (Exposures)

Sector Analysis: 13 Aug 2018, 4:14 AM ET - Given ongoing turmoil associated with Turkey, we outline exposure to that country for US financials. In short, direct exposure tends to be immaterial. Turkey is not a major market for US banks, while insurers have modest exposure, if any.

Interplay Between US Banks & Fed's Balance Sheet

Sector Analysis: 08 Aug 2018, 5:36 AM ET - In this note, we discuss the impacts of the Fed's balance sheet unwind on banks. We expect that U.S. banks will become the "natural buyers" of U.S. Treasuries not bought by the Fed, offsetting the impact on rates.

HK/SG Conference 2018: US Banks

Transcript: 06 Aug 2018, 9:39 AM ET - We recently presented on US Banks as part of the Hong  Kong and Singapore conference series. 
Focused

Northern Trust: In the Market with 10Y Senior

IG Note: 31 Jul 2018, 10:25 AM ET - Northern Trust, an infrequent issuer, is in the market with a a $500 mn will-not-grow offering of 10-year senior unsecured notes. We believe these notes could appeal to investors looking to diversify their portfolios. 

US Banks 2Q18: Earnings Rise, Supervision Slides

Sector Analysis: 25 Jul 2018, 4:22 AM ET - Seventeen of the 22 banks in our coverage beat expectations in 2Q18 as earnings improved due to higher rates and a benign credit environment. However, post-crisis regulatory safeguards are been chipped away at.
Focused

NTRS 2Q18: Higher Non & Net Interest Income

Worth Watching: 19 Jul 2018, 9:43 PM ET - NTRS 2Q18 (A2/A+) reported 2Q18 earnings of $390 mn (+47% YoY), or $1.68 per share, beating consensus estimates of $1.63. Second quarter results included a ~$7 mn charge associated with severance-related and restructuring charges, as well as o ..

US Banks: 2Q18 Preview - Loan Demand Picking Up?

Sector Analysis: 11 Jul 2018, 5:05 AM ET - Citigroup, JPMorgan, Wells Fargo and PNC kick off 2Q18 US bank earnings on Friday, July 13, 2018. We expect underlying results to benefit from a pickup in loan growth and higher rates, but capital markets results should be down from 1Q18.

US Banks: Update to 2018 Debt Supply Forecast

Sector Analysis: 09 Jul 2018, 5:49 AM ET - Following a review of 1H18 debt supply, we are increasing our supply forecast for the full year for the banks in our coverage universe. The majority of the increase reflects increased expectations for OpCo debt from the GSIBs.

US Banks: 2018 CCAR - It's OK to Breach Limits?

Sector Analysis: 29 Jun 2018, 5:15 AM ET - The Fed released the 2018 CCAR results. It did not object to the capital plans of 34 of the 35 banks, the exception being DB USA, Deutsche Bank's IHC. The Fed did not force a number of banks that fell below the minimums to raise capital.

US Banks: Post-DFAST Stress Capital Buffers

Sector Analysis: 27 Jun 2018, 4:39 AM ET - We update our Stress Capital Buffer (SCB) estimates for the large U.S. banks using 2018 DFAST results. Nearly all the banks face higher spot capital requirements due to the increased severity of the 2018 DFAST.

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