Dollar Amounts
USD (Millions)
Balance sheet data in USD (millions)
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Northern Trust’s consolidated balance sheet shows a notable contraction from 2021 to 2022 followed by gradual stabilization and modest recovery through 2024 (figures in USD millions). Total assets fell from 183,889.8 in 2021 to 155,036.7 in 2022 (≈‑15.6%), edged down to 150,783.1 in 2023 (≈‑2.7%), then rose to 155,508.4 in 2024 (+3.1%). Liabilities tracked the same pattern, dropping from 171,873.0 in 2021 to 143,777.2 in 2022 (≈‑16.3%), then to 138,885.2 in 2023 and recovering to 142,720.0 in 2024. Stockholders’ equity declined less sharply in 2022 (12,016.8 → 11,259.5, ≈‑6.3%) and then strengthened to 11,897.9 in 2023 and 12,788.4 in 2024, so equity in 2024 slightly exceeds the 2021 level (≈+6.4%). The sharp 2021→2022 fall in assets and liabilities is the most noteworthy fluctuation and is consistent with industry pressures at that time (market value declines, rate volatility and potential AUM outflows affecting custodial/asset-servicing balances). Importantly, capitalization improved over the period: the equity/asset ratio rose from about 6.5% in 2021 to roughly 8.2% in 2024, and the liabilities/assets ratio fell modestly, indicating mild deleveraging and a stronger relative capital position—positive from a regulatory and solvency standpoint for a custodian/banking franchise. The 2025 row shows zeros (no data), so 2025 developments aren’t available; overall the company appears to have weathered the 2022 downturn and rebuilt equity while keeping asset/liability levels broadly stable by 2024.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.