Northern Trust

One-line summary: Custody/wealth bank in the higher-for-longer float basket; NII rose 9% to $2.4B, the more muted custodian leg alongside STT and BK.

What it is

A custody, asset-servicing, and wealth-management bank. Like its custodian peers, it earns net interest income on the spread between reinvested client deposits and what it pays clients.

Why it matters to stock-market

NTRS rounds out the custodian leg of the "spread on other people's cash" basket (spread-on-other-peoples-cash). Its NII growth is present but the most muted of the three custodians named, consistent with the >100%-deposit-beta qualifier that applies across the group.

Key facts

• NII rose 9% to $2.4B. From 2026-07-20-autoresearch-brokerage-bank-nii-rate-regime.
• YTD 2026: NTRS +29%. From 2026-07-20-autoresearch-brokerage-bank-nii-rate-regime.
• Shares the custodian deposit-beta caveat with state-street and bny-mellon (institutional clients, high pass-through). From 2026-07-20-autoresearch-brokerage-bank-nii-rate-regime.

Sources

• 2026-07-20-autoresearch-brokerage-bank-nii-rate-regime

Related

• spread-on-other-peoples-cash
• state-street
• bny-mellon