Michael Mayo's questions to Northern Trust Corp (NTRS) leadership • Q3 2024
Question
In a follow-up, Michael Mayo asked how the 2.5% to 3% organic growth target for Wealth Management compares to Northern Trust's recent performance and to peers, suggesting it seems low.
Answer
Then-CFO Jason Tyler acknowledged the target is higher than the firm's performance over the last couple of years but is consistent with prior levels. He cautioned against direct peer comparisons due to different business models and emphasized that Northern Trust's incremental profitability on growth is very strong, leading to better shareholder economics.