Northern Trust?

I am a sophomore and have the opportunity to intern for Northern Trust (personal contact w/ a VP). I am looking to get (hopefully) an internship in I-banking next summer and am wondering what division of Northern Trust would be the most pertinent and beneficial to intern for?

Comments (21)

Mar 7, 2011

There are few better names in the PWM world than Northern Trust. So if it's possible, I'd aim towards Private Wealth Management or Commercial Banking. Treasury Solutions could also be good if you plan on doing trading- these guys basically run a huge money market fund and are on the other side of the phone from the short-term fixed income securities trading desks on Wall Street.

The bank sorta sets the standard for stuffy, conservative professionalism dealing with an upscale clientele. It is a good place to intern, but not a good place to start a career. Part of the stuffy conservativism means the firm does not take any risks whatsoever, and you are locked into a career track where it's hard to advance until you've got a certain amount of gray hair. But they do a very good job of taking care of clients.

Mar 7, 2011
IlliniProgrammer:

There are few better names in the PWM world than Northern Trust. So if it's possible, I'd aim towards Private Wealth Management or Commercial Banking. Treasury Solutions could also be good if you plan on doing trading- these guys basically run a huge money market fund and are on the other side of the phone from the short-term fixed income securities trading desks on Wall Street.

The bank sorta sets the standard for stuffy, conservative professionalism dealing with an upscale clientele. It is a good place to intern, but not a good place to start a career. Part of the stuffy conservativism means the firm does not take any risks whatsoever, and you are locked into a career track where it's hard to advance until you've got a certain amount of gray hair. But they do a very good job of taking care of clients.

And they pay like shit.

Mar 7, 2011
chitownanalyst:
IlliniProgrammer:

There are few better names in the PWM world than Northern Trust. So if it's possible, I'd aim towards Private Wealth Management or Commercial Banking. Treasury Solutions could also be good if you plan on doing trading- these guys basically run a huge money market fund and are on the other side of the phone from the short-term fixed income securities trading desks on Wall Street.

The bank sorta sets the standard for stuffy, conservative professionalism dealing with an upscale clientele. It is a good place to intern, but not a good place to start a career. Part of the stuffy conservativism means the firm does not take any risks whatsoever, and you are locked into a career track where it's hard to advance until you've got a certain amount of gray hair. But they do a very good job of taking care of clients.

And they pay like shit.

pay was low but the network and hours were great..

Mar 7, 2011

I worked on short term muni desk here and its very strong in their space.. nothing is really going to help you on the banking side as its not in their bread and butter. Its one of the largest custodian banks in the world.

Jan 27, 2016

I worked under two for a year. PM me for details

Northern is a great firm. Maybe the strongest in the nation from a bank stand point

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Jan 27, 2016

Monty09,

I currently have an interview setup for the Associate PM at Northern Trust. Could I please pick your brain regarding the day to day tasks and possibly some interview prep? I am a new member so it does not allow me to personal message for 2 days I guess.

Thank You!!

Mar 7, 2011

I did my soph internship with them and transitioned that into a bb ib internship the following summer. can't definitively say it's the best group in terms of transferable skills, but i was in global investments (NTGI). it's more about how you craft your story. best of luck.

Jan 27, 2016

Extremely well regarded institution within their field. Primarily a custodian. This is LONG TERM relationship banking with huge corporate clients and high net worth individuals. Not a transaction business.

Jan 27, 2016

Thanks Jhoratio for the response! could you be more clear as to what is custodian banking is? is it the same as private banking?
Actually I have the email id of an alumni who writes 'Senior VP Private Banking' in his signature..want to be sure of the divisions and what work they entail before contacting him..

Jan 27, 2016

Notwithstanding the fact that they are a normal bank with normal bank lending, deposits, etc., Northern Trust's services are marketed to two types of customers - High Net Worth individuals and Institutions (Personal Financial Services and Institutional Services). These customers are provided with three basic types of service (now we're on a 2 x 3 matrix, following me?). They are: Asset Management (or PWM), Asset servicing (custody), and Banking and Treasury services. Not sure exactly how every box works in detail, but that's the basic idea. Custody, if you don't know, is the safekeeping of securities, as opposed to cash. Northern will hold a lot of the securities that are owned by a huge pension fund, say. They'll do all the annoying stuff that needs to be done as a result of owning them, they'll occasionally lend them out (as banks lend out cash deposits) to someone wishing to short the shares, or to market makers. On the personal side, they administer a lot of trusts (hence the name) and personal estate holdings. This should get you started on a good conversation. Act like you learned all this from reading the website, ask your contact to fill in the blanks when you meet and you'll be fine.

Mar 7, 2011

i was in NTGI as well

Mar 7, 2011

Any of your former NT guys have insight regarding their PE FOF group?

Mar 7, 2011

check out GOLD Program

Mar 8, 2011

I sat next to the PE FOF group and its not what you would think. They worked a little bit but nothing great.

I was in gold program

Mar 8, 2011

When you guys say pay was low, how low? As in more normal $35-40k out of college job?

Mar 8, 2011

Ah okay, so low as far as WSO is concerned.

Mar 8, 2011
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