Press release
Northern Trust Commits $70 million to its Charitable Foundation
CHICAGO--(BUSINESS WIRE)-- Northern Trust announced that it has allocated $70 million to the Northern Trust Foundation, which supports non-profit
About this update from Northern Trust Corporation
[{"type":"text","content":" CHICAGO--(BUSINESS WIRE)--\nNorthern Trust announced that it has allocated $70 million to the Northern Trust Foundation, which supports non-profit organizations focused on fundamental needs and broadening opportunities.\n\n\nNorthern Trust's global philanthropic strategy focuses on broadening opportunities for financial success via four areas of need: accessible healthcare, affordable housing, quality education and food security. Northern Trust donated more than $170 million over the past decade to non-profit organizations, including nearly $16 million in 2023, providing more than 4 million meals, 222,000 nights of safe shelter, and educational assistance to 26,000 students last year.\n\n\nIn Northern Trust’s headquarters city of Chicago, the strategy aims to support youth on the South and West sides at a pivotal stage of life -- 16 to 24 years old. Northern Trust’s philanthropic efforts in Chicago are accomplished via the Northern Trust Foundation.\n\n\n“We are pleased to be in a position to make a significant and lasting contribution to the Northern Trust Foundation,” Chairman and Chief Executive Officer Michael O’Grady said. “Since our company was founded 135 years ago, Northern Trust has been committed to creating better financial futures for the communities where we live and work. This funding is another example of our ongoing commitment.\"\n\n\nThe donation to the Foundation is related to Northern Trust realizing a gain on its Visa Inc. common stock holding, a position held since Visa’s initial public offering in 2008. Visa’s exchange offering is described on Northern Trust’s second quarter 2024 earnings call on July 17, 2024.\n\n\n“By strengthening our Foundation, we are setting the stage to bolster our philanthropic efforts worldwide,” said Shana Hayes, Northern Trust Chief Social Impact Officer.\n\n\nNorthern Trust has a long history of groundbreaking philanthropic support. In 1893, Northern Trust founder Byron L. Smith seeded a relief fund for victims of a devastating fire that broke out at the World's Fair. Since then, Northern Trust's charitable footprint has helped establish Chicago's nonprofit pillars such as The Art Institute, Field Museum, United Way of Metro Chicago, Metropolitan Family Services, Braven and Kids First Chicago.\n\n\nAbout Northern Trust\n\n\nNorthern Trust Corporation (Nasdaq: NTRS) is a leading...