Northern Trust Corporation (NASDAQ:NTRS) Q2 2020 Earnings Conference Call - Final Transcript

Jul 22, 2020 • 10:00 am ET


Northern Trust Corporation (NASDAQ:NTRS) Q2 2020 Earnings Conference Call - Final Transcript


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Please stand by, we're about to begin. Good day everyone and welcome to the Northern Trust Corporation's Second Quarter 2020 Earnings Conference Call. Today's call is being recorded. At this time, I'd like to turn the call over to the Director of Investor Relations, Mark Bette for opening remarks and introductions.

Please go ahead.

Mark Bette

Thank you Jennifer. Good morning everyone and welcome to Northern Trust Corporation's Second Quarter 2020 earnings conference call. Joining me on our call this morning are Mike O'Grady, our Chairman and CEO; Jason, Tyler, our Chief Financial Officer; Lauren Allnutt our Controller and Kelly Lernihan from our Investor Relations team.

Our second quarter earnings press release and financial trends report are both available on our website at Also on our website, you will find our quarterly earnings review presentation, which we will use to guide today's conference call. This July 22 call is being webcast live on The only authorized rebroadcast of this call is the replay that will be available on our website through August 19. Northern Trust disclaims any continuing accuracy of the information provided in the call after today.

Now, for our Safe Harbor statement. What we say during today's conference call may include forward-looking statements, which are Northern Trust's current estimates and expectations of future events or future results. Actual results, of course, could differ materially from those expressed or implied by these statements because the realization of those results is subject to many risks and uncertainties that are difficult to predict. I urge you to read our 2019 Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission for detailed information about factors that could affect actual results.

During today's question-and-answer session, please limit your initial query to one question and one related follow-up. This will allow us to move through the queue and enable as many people as possible, the opportunity to ask questions as time permits. Thank you again for joining us today.

Let me turn the call over to, Mike O'Grady.

Mike O'Grady

Thank you Mark. Let me join Mark in welcoming you to our second quarter 2020 earnings call. As the current public health crisis continues, I hope you and your families are healthy and well and I offer my condolences to all who have suffered a personal loss. At Northern Trust we remain focused on safeguarding our employees, serving our clients and supporting our communities during these unprecedented times.

We continue to operate in what we call resiliency mode, which means we are focused on providing continuity of service for our clients, while over 90% of our employees are working remotely. Although we have developed plans to position ourselves to return to our offices when conditions permit. We will only do so, in a particular geography when we are comfortable and confident in our ability to ensure a safe environment for all of our employees and clients. As a result, we expect to remain in resiliency mode for some time to come.