Press release
Northern Trust Commits US$20 Million to Reduce Opportunity Gap
New Global Philanthropic Focus Unveiled CHICAGO--(BUSINESS WIRE)-- Northern Trust announced today it would provide US$20 million over 5 years to expand
About this update from Northern Trust Corporation
[{"type":"text","content":"\nNew Global Philanthropic Focus Unveiled\n\n CHICAGO--(BUSINESS WIRE)--\nNorthern Trust announced today it would provide US$20 million over 5 years to expand access to resources that address essential human needs—food, housing, healthcare and education—to bridge the gap that threatens the broader prosperity of our society.\n\n\n“Recent events, including numerous acts of racial discrimination and violence against countless black people, are a symptom of greater systemic oppression and discrimination,” Northern Trust Chairman and Chief Executive Officer Michael O’Grady said. “Such incidents are a stark reminder that we have a long way to go as a society, and we all have a role to play to push for positive change.\n\n\n“Racism, and all other forms of discriminatory behavior, will never be tolerated at Northern Trust. Within our company, we are redoubling efforts to create a more inclusive and equitable workplace,” he said. “In our communities, the issues are more complex and consequential. It’s plain to see the continued effects of long-standing practices, policies and attitudes that discriminate against blacks, other people of color and women. Now, more than ever, is the time to redirect our philanthropic strategy to address the obstacles and inequities created by race, ethnicity, gender, sexual orientation, environment and socioeconomic status. Too often, these inequities create gaps in the opportunities people have for reaching their full potential.”\n\n\nThe strategy will be activated globally and tailored to local needs and specific demographics. For example, in Chicago, it will focus on organizations serving young people on the South and West Sides of the city. In London, the focus will be on youths living in underserved communities. And in India, efforts will support organizations that seek to empower women and support children with disabilities.\n\n\n“We will continue to listen, learn and work closely with our communities to address their specific needs, and concentrate our efforts through philanthropic contributions, community investments and employee volunteer service,” said O’Grady.\n\n\nNorthern Trust’s philanthropic strategy aligns with its efforts to deploy banking services focused on underserved communities hard-hit by the ongoing COVID-19 pandemic, including its recently announced commitment to provide US$100 milli...