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Northern Trust vs peers
AI and technology compared

Last updated Oct 19, 2026 · 8 peers · 108 sources cited

How does Northern Trust compare with its peers on AI and technology?

Northern Trust scores 79.7 on this site's US AI disclosure index (#23 of 120), sixth of the nine custody banks and wealth managers it is compared with, behind Citigroup (94.9), BNY (89.8) and JPMorgan Chase (89), close to Charles Schwab (80.7) and Goldman Sachs (79.9), and ahead of UBS US (75.3), State Street (75.4) and Morgan Stanley (69.7). It leads the group on its own disclosures (32) and named AI leaders (20) but is last on independent coverage, with 12 sources against a peer median of 24.5. Three things separate it from named peers. Against its closest custody rival it is smaller in scale: Northern Trust reported more than 150 AI use cases in production in October 2025, while BNY counts about 220 AI solutions and about 140 'digital employees' on its Eliza platform (April 2026) and 99% of staff trained. It ties AI to cost: productivity savings above 4% of its 2025 expense base, management layers in the COO organisation down by more than 20%, and developers estimating GitHub saves about 31% of their time. And it is pushing AI to wealth advisers: a One Wealth assistant and next-best-action tools (2026), where Morgan Stanley's adviser assistant reached 98% of advisor teams in 2024. Unlike BNY, which spends about $4 billion a year on engineering, Northern Trust publishes no technology budget, and it set up a new process in September 2026 to choose among more AI use cases than it can fund.[1][2][3][4][5][6][7][8][9]

Data as of Oct 19, 2026 · Northern Trust profile updated Oct 13, 2026 · computed tables recalculate from the 140 bank profiles on this site · Markdown

Where it leads

Where does Northern Trust lead its peers on AI?

01

The most own disclosures and named AI leaders in the group

Northern Trust's profile records 32 of its own disclosures on AI, the most of the nine banks compared (peer median 16.5), and 20 named AI and technology leaders, also the most, from CIO Tom South and Chief Data and Analytics Officer Kelley Conway to NTAM's chief innovation strategist Gijsbert de Lange, appointed in January 2026 to embed AI in investment strategies.[10][11][12]

02

AI tied to a measured productivity programme

Northern Trust reported productivity savings above 4% of its expense base in 2025, raised its 2026 target by 10%, widened spans of control in the COO organisation by more than 35% and cut management layers by more than 20%. State Street's CFO tied AI to a $750 million productivity target in July 2026 without breaking out what AI has saved so far.[4][13]

03

A founding member of shared data standards for AI

Northern Trust became a founding member of the Open Semantic Interchange's financial-services working group in June 2026, backing open data definitions so AI agents across firms ground on the same meanings. It also holds an LLM patent (US 11,928,438 B1, 2024) on reviewing smart-contract bytecode, with a continuation published in May 2026.[11][14][15]

04

AI in quantitative investing

Northern Trust Asset Management runs $47 billion in quantitative strategies and launched two NT Adaptive Equity UCITS funds in June 2026 that use natural-language processing and alternative data for stock selection. Morgan Stanley's institutional AskResearchGPT, by contrast, is a research assistant over its own reports rather than an investment process.[16][17][18]

Where it trails

Where does Northern Trust trail its peers on AI?

01

The thinnest outside coverage in the group

Northern Trust has 12 independent sources on its AI against 42 each for JPMorgan and Citigroup and 28 for BNY, ninth of nine; independent coverage carries 45% of the index weight, which keeps it sixth despite leading on its own disclosures.[4][19]

02

Smaller AI scale than BNY

BNY reports about 220 AI solutions and about 140 digital employees in production, more than half of staff building agents and 99% trained on Eliza (April 2026). Northern Trust reports more than 150 use cases in production (October 2025) on its NT Byron agent platform, with no figure for agents or staff adoption.[2][3][1][19]

03

No technology budget on the record

BNY's CFO puts annual engineering spend at about $4 billion (September 2026), and CNBC reported its technology spend at $3.8 billion, about 19% of revenue. Northern Trust's CFO said in September 2026 that it has more AI use cases than time and money, and set up a new governance process to choose which to fund.[9][20][7]

04

A software write-down and finance-chief change during the AI build

Northern Trust took a $61.5 million pre-tax software-disposition charge in Q2 2026 on part of a fund-administration project, and CFO David Fox, who presents its AI use-case backlog to investors, plans to retire around March 2027. State Street named Ann Fogarty enterprise COO in September 2026 to lead technology, operations and its AI agenda.[21][22][23][24]

AI index

Where does Northern Trust rank against its peers on AI disclosure?

Scores from the US AI disclosure index of 120 banks (0–100; 45% of the weight on independent coverage). The index measures what each bank has put on the public record and what outside outlets have reported about its AI, not capability or spending; every count is of entries on that bank's profile, each of which cites its sources.

BankScoreRankIndependent sourcesOwn disclosuresUse cases in productionMoves, last 12 monthsNamed AI platform
Citigroup94.9#2 of 120421915 of 2034Citi Stylus Workspaces[25][26]
BNY (Bank of New York Mellon)89.8#5 of 120291912 of 1431Eliza[27][2][28][29][30][31]
JPMorgan Chase89#6 of 12043208 of 1532LLM Suite[32][33]
The Charles Schwab Corporation80.7#19 of 120181415 of 1924Charley, Portfolio Insights, Schwab Knowledge Assistant and Schwab Advisor AI in Action[34][35][36][37][38]
Goldman Sachs79.9#22 of 12039157 of 1328GS AI Platform and GS AI Assistant[39][40]
Northern Trust (this page)79.7#23 of 120123211 of 1722Open Semantic Interchange and the data foundation[11][41][42][19][4]
State Street75.4#30 of 12015209 of 1423State Street Alpha and the AI hiring build-out[43][44][45]
UBS (US)75.3#31 of 12021910 of 1422UBS Claves, the Chief AI Office and the 'Big Rocks'[46][47][48]
Morgan Stanley69.7#34 of 1202199 of 1419AI @ Morgan Stanley (Assistant, Debrief) and AskResearchGPT[8][18][49]
Component by component

On which parts of the AI record is Northern Trust ahead of or behind its peers?

Each row is one input of the index, counted on the profiles of Northern Trust and the 8 peers that are scored on the same basis. "Place" is Northern Trust's position in the group of 9 (1st = most).

Component (weight)Northern TrustPeer medianMost in the groupPlace
Independent sources (45%)1225JPMorgan (43)9th of 9
Use cases in production (10%)119.5Citi (15)4th of 9
Own primary disclosures (10%)3217Northern Trust (32)1st of 9
Dated moves, last 12 months (10%)2226Citi (34)7th of 9
Disclosed numbers (5%)1718JPMorgan (22)5th of 9
Named AI leaders (5%)2015.5Northern Trust (20)1st of 9
Use cases described (5%)1714Citi (20)3rd of 9
Head to head

What has each bank in Northern Trust's peer group disclosed about its AI?

Facts from each bank's profile, cited to the profile's own sources. "Not disclosed" means the bank's public record, as cited on its profile, does not state it.

BankPlatform or assistant, as the profile names itAI leaders namedHeadline AI number disclosedPatents on the recordOpen AI roles
Northern TrustOpen Semantic Interchange and the data foundation[11][41][42][19][4]20, incl. Michael O'Grady (Chairman and CEO)[50][51]AI use cases in production: 150+ (Oct 22, 2025)[1]3 patents listed on the profile, e.g. US 11,869,015 B1 (Benchmarking that may use a k-nearest-neighbour or other machine-learning algorithm)[52]11 open AI roles (Sep 24, 2026); most in AI engineering
BNY (Bank of New York Mellon)Eliza[27][2][28][29][30][31]17, incl. Robin Vince (Chairman and CEO)[53][54]Daily AI users / agent builders: ≈ 50% / > 50% of employees (Apr 16, 2026)[2]5 patents listed on the profile, e.g. EP 4758506 A1 (Machine-learning translation of one coding language into another)[55]12+ open AI roles (Oct 1, 2026); most in AI product & strategy
State StreetState Street Alpha and the AI hiring build-out[43][44][45]14, incl. Ronald O'Hanley (Chairman and CEO)[56][57]Employees: ≈ 51,000 (Sep 30, 2026)[58]5 patents listed on the profile, e.g. US 11,693,917 B2 (Computational model optimizations)[59]12+ open AI roles (Oct 1, 2026); most in AI product & strategy
JPMorgan ChaseLLM Suite[32][33]19, incl. Lori Beer (Global Chief Information Officer)[60]Technology employees: 65,000+ (Oct 1, 2026)[61]6 patents listed on the profile, e.g. US 2026/0010713 A1 (Generative ML framework producing predictive results on financial transactions)[62]12+ open AI roles (Oct 1, 2026); most in ML & data science
CitigroupCiti Stylus Workspaces[25][26]18, incl. Tim Ryan (Head of Technology and Business Enablement)[63]Colleagues using AI tools: 80%+ (Apr 14, 2026)[26]4 patents listed on the profile, e.g. US 12,450,494 B1 (Validating autonomous AI agents using generative AI)[64]12+ open AI roles (Oct 1, 2026); most in AI engineering
The Charles Schwab CorporationCharley, Portfolio Insights, Schwab Knowledge Assistant and Schwab Advisor AI in Action[34][35][36][37][38]14, incl. Rick Wurster (President and CEO)[65][66]Retail clients wanting AI paired with human expertise: ≈ 70% (of ≈ 1,000 surveyed) (May 5, 2026)[35]4 patents listed on the profile, e.g. US 2025/0077917 A1 (Iterative generation and plotting of machine-learning outcomes)[67]12+ open AI roles (Oct 1, 2026); most in AI product & strategy
Morgan StanleyAI @ Morgan Stanley (Assistant, Debrief) and AskResearchGPT[8][18][49]13, incl. Michael Pizzi (Head of Technology)[68]Employees with gen-AI access: ≈ 98% of 80,000 (Jun 1, 2026)[68]3 patents listed on the profile, e.g. US 2026/0051336 A1 (Enhancing audio and video media using generative AI)[69]12+ open AI roles (Oct 1, 2026); most in AI engineering
Goldman SachsGS AI Platform and GS AI Assistant[39][40]16, incl. Marco Argenti (Chief Information Officer)[70][40]Employees with GS AI Assistant: 46,000 (all) (Jul 25, 2025)[39]5 patents listed on the profile, e.g. US 2026/0072655 A1 (Context injection for AI coding assistants)[71]12+ open AI roles (Oct 1, 2026); most in AI engineering
UBS (US)UBS Claves, the Chief AI Office and the 'Big Rocks'[46][47][48]15, incl. Sergio Ermotti (Group Chief Executive Officer)[72]Live AI use cases (group): 300+ (Oct 16, 2025)[47]2 patents listed on the profile, e.g. US 11,429,879 B2 (Identifying dynamic thematic relationships over time with machine-learning models)[73]2 open AI roles (Sep 24, 2026); most in AI product & strategy
Last 12 months

What are the latest dated moves on the AI record of Northern Trust and its peers?

The two newest dated entries of each bank since Oct 16, 2025, from the timelines of the profiles (which also log filings, results and deals that bear on the AI record), newest first.

DateBankMove
Oct 15, 2026BNYQ3 call: '400-plus' AI solutions in production; AI spend not broken out[27]
Oct 13, 2026GoldmanQ3 2026 call: Solomon sets out AI guardrails and compute-supply risk[74][75]
Oct 13, 2026JPMorganQ3 2026 call: outside AI agents stay blocked; AI spend put near $700 million[76][77][78]
Oct 8, 2026GoldmanSneader: new joiners 'are managing agents'[79]
Oct 8, 2026SchwabHow Charley was built: employee testing, confirmation before any change[80]
Oct 6, 2026JPMorganEvident AI Index: first for the fourth consecutive year[81]
Oct 1, 2026CitiPayments chief: no AI model to authorise payments[82]
Oct 1, 2026State StreetFogarty: agentic AI 'moved into production', driverless NAV live[83]
Oct 1, 2026BNYRussell profile: usage up from about 20% to 99% trained in a year[84]
Sep 30, 2026SchwabCharley, a gen-AI assistant for retail clients, unveiled[34][85]
Sep 29, 2026CitiMarket Guide platform relaunched with AI at Sibos[86]
Sep 29, 2026Northern TrustCFO David Fox to retire around March 2027[23]
Sep 22, 2026UBSErmotti at the Bank of America conference[87]
Sep 15, 2026Northern TrustNorthern Trust survey: every asset manager respondent uses AI[88]
Sep 14, 2026State StreetAnn Fogarty named enterprise COO to lead technology, operations and the AI agenda[24]
Sep 10, 2026Morgan StanleyDesign partner for OpenAI's banker research tool[89]
Sep 10, 2026Morgan StanleyOpenAI launches ChatGPT for Financial Services, shaped with Morgan Stanley and Evercore[90][91]
Sep 6, 2026UBSAI proficiency required of new junior bankers[92]
AI platforms and agents

How does Northern Trust's AI platform compare with BNY's Eliza and State Street's?

Each bank's internal AI platform and the scale it reports. Use-case counts are each bank's own and are not defined the same way.

BankPlatformScale disclosedDate
Northern TrustNT Byron, a proprietary platform on which employees build task-focused agents; firmwide Microsoft CopilotMore than 150 AI use cases in production; a 150-use-case backlogOctober 2025 and February 2026[1][19][4]
BNYEliza, multi-model (OpenAI, Google Gemini Enterprise, Anthropic) with 'digital employees'About 220 AI solutions and about 140 digital employees; 99% of staff trainedDecember 2025 and April 2026[2][3]
State StreetCentral AI hub; copilot platform for eligible employees; AI FoundryMore than 200 use cases, 70 liveApril 2026[44]
JPMorgan ChaseLLM Suite routing to third-party modelsAbout 250,000 employees with access2025[32]
CitigroupCiti Stylus Workspaces; Arc agent platformMore than 80% adoption; 42 million interactions (Q1 2026)April and May 2026[26][93]
Morgan StanleyAI @ Morgan Stanley Assistant and Debrief for advisers98% of advisor teams using the AssistantJune 2024[8]
AI in asset servicing

How do the custody banks use AI in asset servicing?

Asset-servicing AI each custodian has described, with results as reported.

BankAsset-servicing AIResult disclosedDate
Northern TrustDocument digitisation and AML/KYC document handling; faster asset-servicing RFP responses; Saphyre account-lifecycle workflows; ML detection of anomalous and fraudulent transactionsProductivity savings above 4% of the 2025 expense base (programme-wide)2025-2026[5][19][94][95][4]
BNYSettlement-inquiry and payments digital employeesMore than 10% of custody settlement status inquiries handled by AI; investigations more than 80% fasterQ1 2026[96][97]
State StreetDeep-learning anomaly detection on the Alpha Data Platform; agent-enabled service deliveryFlagged exceptions cut from over 31,000 to about 4,000 in a test, finding every true errorOctober 2024 and July 2026[98][99][44]
CitigroupAI applied to 'just over 50' of its largest processesRe-engineering under wayJanuary 2026[100]
AI in software engineering

How does Northern Trust's use of AI in coding compare with its peers'?

Coding tools and results as each bank reports them; measures differ.

BankCoding toolsResult disclosedDate
Northern TrustGitHub Copilot rolled out across the organisationDevelopers estimate about 31% of development time savedSeptember 2025[5][19]
State StreetAI development tools for all developers30% to 40% productivity gain targeted for software developersApril and July 2026[44][13]
CitigroupDevin coding agents for 40,000 developers; AI code reviewAbout 100,000 hours of engineering capacity freed a week2025-2026[101][102]
JPMorgan ChaseBank-built coding assistant10% to 20% engineer productivity gainMarch 2025[103]
BNYDigital employees that find and fix code vulnerabilitiesNot published as a percentage2026[84]
The peer group

Which banks are Northern Trust's peers, and why these?

Northern Trust is compared here with BNY (Bank of New York Mellon), State Street, JPMorgan Chase, Citigroup, The Charles Schwab Corporation, Morgan Stanley, Goldman Sachs and UBS (US): chosen by the editors for this page (see the note below the table). Northern Trust is classed as a trust and custody bank in the Midwest.

Northern Trust is a custody bank and private bank, so it is compared with the custodians it meets in asset servicing (BNY, State Street, JPMorgan, Citi) and the wealth managers it meets with wealthy families, not with the regional and direct banks nearest it in assets.

Common questions

Is Northern Trust better than BNY at AI?

The record cannot settle capability, but BNY has put more on it: it scores 89.8 on this site's index against Northern Trust's 79.7. BNY reports about 220 AI solutions, about 140 digital employees and 99% of staff trained on Eliza, on engineering spend of about $4 billion a year. Northern Trust reports more than 150 use cases in production on its NT Byron platform and leads BNY on its own disclosures and named AI leaders.[2][3][9][1][19]

How does Northern Trust's AI compare with State Street's?

They are a few points apart on this site's index (79.7 against 75.4). State Street reports more than 200 use cases on a central AI hub, 70 of them live (April 2026), and ties AI to a $750 million productivity target. Northern Trust reports more than 150 use cases in production and productivity savings above 4% of its 2025 expense base. State Street's 10-K names BNY and Northern Trust as its direct peer group.[44][13][1][4][104]

What AI does Northern Trust give its wealth advisers?

A One Wealth assistant that brings Northern Trust Institute insights into advisers' workflows, client-action-plan agents that synthesise client data for relationship managers, and next-best-action tools; the wealth president said in September 2026 that the AI focus in wealth is the adviser. Morgan Stanley's AI @ Morgan Stanley Assistant reached 98% of advisor teams in 2024, and its Debrief writes meeting notes.[6][105][7][8]

How does Northern Trust govern AI compared with other custody banks?

Its 2025 10-K describes a dedicated AI Risk Program and puts AI and machine-learning models under model-risk governance with independent validation; its 2026 proxy says the board oversees AI through existing committees and gets periodic AI briefings. BNY's 10-K likewise places AI, including large language models, inside model risk management and a cross-functional AI risk framework.[95][106][107]

Why does Northern Trust rank sixth in its peer group on this site's AI index?

It leads the group on its own disclosures (32) and named AI leaders (20), but has the least independent coverage, 12 sources against 42 for JPMorgan and Citigroup, and independent coverage carries 45% of the index weight. Its AI record comes largely from earnings calls, conference remarks and its own releases rather than outside reporting.[4][7][11]

How much does Northern Trust spend on AI?

It does not publish an AI or technology budget. The CFO said in September 2026 that Northern Trust has more AI use cases than time and money and has set up a governance process to choose which to fund, and the bank self-funds through productivity savings that exceeded 4% of its 2025 expense base. BNY puts its annual engineering spend at about $4 billion.[7][4][9]

Does Northern Trust use AI in asset management like other firms?

Yes. Northern Trust Asset Management runs $47 billion in quantitative strategies, launched two NT Adaptive Equity UCITS funds using natural-language processing and alternative data in June 2026, and publishes research on text-derived signals. A Northern Trust survey of 300 asset managers in 2026 found every respondent deploying AI, led by data quality, document management and research.[16][108][88]

Peers on this site
BNY AI strategy →How BNY (Bank of New York Mellon) compares with its peers →State Street AI strategy →How State Street compares with its peers →JPMorgan AI strategy →How JPMorgan Chase compares with its peers →Citi AI strategy →How Citigroup compares with its peers →Schwab AI strategy →How The Charles Schwab Corporation compares with its peers →Morgan Stanley AI strategy →How Morgan Stanley compares with its peers →Goldman Sachs AI strategy →How Goldman Sachs compares with its peers →UBS AI strategy →How UBS (US) compares with its peers →
Deeper on Northern Trust
Northern Trust AI strategy: the full profile →Northern Trust competitors and alternatives →What is Northern Trust's AI strategy? →What AI research, patents and partnerships does Northern Trust have? →What technology stack does Northern Trust run? →How does Northern Trust govern AI responsibly? →Northern Trust AI strategy →Northern Trust technology stack →Northern Trust and responsible AI →Northern Trust competitors and alternatives →BNY AI profile →State Street AI profile →Morgan Stanley AI profile →AI disclosure index: the largest US banks ranked →Which banks lead in AI, topic by topic →
Sources
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    GuruFocus (Yahoo Finance) · Oct 22, 2025
  2. Quarterly Update Presentation, 1Q 2026
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  10. Thomas A. South, Chief Information Officer
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  11. Northern Trust Collaborates with Industry Peers to Strengthen Data and AI Interoperability
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    Bloomberg · Oct 8, 2026
  80. Charles Schwab's Amy Ruegg: AI Can Make Investing Easier, but Human Expertise Remains Key
    Traders Magazine · Oct 8, 2026
  81. JPMorganChase still tops AI ranking as big-bank lead widens
    American Banker · Oct 6, 2026
  82. The Most Powerful Women in Banking Women to Watch, #7, Debopama Sen, Citi
    American Banker · Oct 1, 2026
  83. The Most Powerful Women in Finance, #19, Ann Fogarty, State Street
    American Banker · Oct 1, 2026
  84. The Most Powerful Women in Banking Women to Watch, #18, Leigh-Ann Russell, BNY
    American Banker · Oct 1, 2026
  85. Meet Charley, Schwab's New AI-Powered Assistant Designed to Help Clients Get Answers and Take Action
    Charles Schwab (Yahoo Finance) · Sep 30, 2026
  86. Citi Investor Services Reimagines Market Guide Platform, Harnessing AI to Deliver Timely Intelligence for Decision Makers
    Citigroup (Business Wire) · Sep 29, 2026
  87. UBS at Bank of America financials conference: growth meets capital pressure (transcript)
    Investing.com · Sep 22, 2026
  88. Northern Trust Survey: Asset Managers Sharpen Focus on Core Capabilities to Drive Growth
    Northern Trust (Business Wire via Yahoo Finance) · Sep 15, 2026
  89. OpenAI launches financial tool for Wall Street bankers
    American Banker · Sep 10, 2026
  90. Introducing ChatGPT for Financial Services
    OpenAI · Sep 10, 2026
  91. OpenAI courts Wall Street with ChatGPT for financial services, developed with Morgan Stanley
    Fortune · Sep 10, 2026
  92. UBS demands new junior bankers show AI proficiency
    Financial Times · Sep 6, 2026
  93. Citi launches Arc to scale AI agents across the business
    CIO Dive · May 1, 2026
  94. Northern Trust and Saphyre Expand Collaboration to Enhance the Full Account Lifecycle for Investment Operations Outsourcing Clients
    Northern Trust · Apr 22, 2026
  95. Northern Trust Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2025
    Northern Trust (SEC filings) · Feb 24, 2026
  96. Exhibit 99.3: Quarterly Update Presentation, 1Q 2026 (Form 8-K)
    BNY (SEC filing) · Apr 16, 2026
  97. The making of a Frontier Firm: How AI is redesigning work at BNY
    Microsoft WorkLab · May 12, 2026
  98. Achieving a new standard in data quality with AI
    State Street · Oct 1, 2024
  99. Turn frequent anomalies into rare exceptions
    State Street · Oct 1, 2024
  100. Citi Fourth Quarter 2025 Earnings Call transcript
    Citigroup · Jan 14, 2026
  101. Citi is rolling out agentic AI to its 40,000 developers
    American Banker · Jul 14, 2025
  102. Citi 2026 Investor Day Transcript - Consolidated
    Citigroup · May 7, 2026
  103. JPMorgan engineers' efficiency jumps as much as 20% from using coding assistant
    Reuters · Mar 13, 2025
  104. State Street Corporation Annual Report on Form 10-K for 2025
    State Street (SEC filing) · Feb 19, 2026
  105. Northern Trust (NTRS) Q2 2026 Earnings Call Transcript
    Yahoo Finance · Jul 22, 2026
  106. Northern Trust Corporation 2026 Proxy Statement (Schedule 14A)
    Northern Trust (SEC filings) · Mar 11, 2026
  107. Annual Report on Form 10-K for 2025, Exhibit 13.1 (financial section and risk factors)
    BNY (SEC filing) · Feb 25, 2026
  108. Uncovering Alpha in the Networked Economy
    Northern Trust Asset Management · Sep 23, 2025

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