Northern Trust

No. 49

Industry: Banking & Trust Services
Sales: $5.7 billion
Net Income: $795 million

Anyone wondering whether Northern Trust (NTRS) can survive the current banking crisis should consider that the Chicago-based institution weathered the Great Depression. One reason: Northern Trust derives most of its income not from lending but from trust services for wealthy clients and a range of treasury and custodial services for corporate clients. Northern Trust is known as a conservative wealth manager and a prudent lender. Because the bank limited its exposure in home financing, CEO Frederick Waddell wrote off just 0.22% of loans in 2008, vs. the 1.5% industry average. Now it is poised to woo clients away from such troubled rivals as Citigroup (C).

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