Northern Trust was founded in 1889 by Byron Laflin Smith. Disturbed by the excess and corruption that marked the Gilded Age, he vowed to create a financial institution Chicago’s growing class of investors and businesspeople could trust. On day one the company opened six accounts with $137,981 in deposits; by the end of 2024 Northern Trust had more than $1.6 trillion under management. Over the years Northern Trust was a pioneer in many areas, including being one of the first U.S. corporations to offer employees free life insurance and a pension plan, operating the first air-conditioned office building in Chicago, and being one of the first banks in the country to process checks electronically. Today it provides asset servicing, investment management, and wealth management services for institutions and high-net-worth individuals and families, and employs more than 23,000 employees around the world.
