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Delivered an eighth consecutive quarter of positive organic fee growth, supported by a constructive market environment and the 'One Northern Trust' strategy.

Achieved over 700 basis points of positive operating leverage, excluding notable items, by balancing disciplined cost management with targeted growth investments.

Wealth Management growth was driven by the Global Family Office (GFO) segment and ultra-high net worth clients, with GFO revenue increasing 9% in the first half of 2026.

Asset Servicing margins expanded to approximately 30% on an adjusted basis, reflecting a shift toward higher-margin, scalable services like outsourced trading and currency management.

Asset Management momentum continued with 14 consecutive quarters of positive organic liquidity flows, positioning the firm as a top 10 U.S. money market fund manager.

Management is pivoting AI strategy from experimentation to execution, focusing on 'augmented intelligence' to enhance hyper-personalized service and investment research precision.

The Visa Class B exchange participation provided a $525 million pre-tax gain, which was partially utilized to fund strategic restructuring and balance sheet repositioning.

Full-year net interest income (NII) guidance was raised to 9%-10% growth, assuming a stable interest rate backdrop and relatively consistent market conditions.

Total revenue growth expectations for 2026 were increased to 9%-10%, though management anticipates tougher year-over-year comparisons in the second half.

Operating leverage for the full year is projected at approximately 400 basis points, accounting for the normalization of elevated capital markets and securities lending activity.

Wealth Management fee trajectory is expected to improve in Q3 as the lag effect of recent market appreciation begins to reflect in billing cycles.

The strategic repositioning of the available-for-sale securities portfolio is expected to contribute approximately $30 million in incremental annual NII.

Recognized a $525 million pre-tax gain from the Visa Class B common stock exchange offer, strengthening capital ratios.

Incurred $220 million in restructuring charges, including a $51 million severance charge for a reduction in force and $62 million for software dispositions.

Recorded a $74 million pre-tax loss related to the strategic repositioning of the available-for-sale securities portfolio to improve future earnings profiles.

Implemented 'Invested as One', a new employee ownership initiative involving a $33 million one-time equity grant to eligible staff.

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Management noted that the 400 basis point full-year target reflects tougher year-over-year equity market comparisons and the expected exit of temporary institutional deposits.

Revenue normalization is anticipated in foreign exchange and securities lending following exceptionally high client activity in Q2.

The charge resulted from a periodic review of a fund administration project where the projected ROI no longer met internal benchmarks due to rapid technological shifts.

Management clarified this was a targeted declassification of specific work-in-progress rather than a wholesale abandonment of infrastructure.

The sequential fee decline despite rising assets was attributed to the 70% lag-based billing in the GFO segment and seasonal tax-related outflows.

Management expects better sequential results in Q3 as market gains from Q2 are captured in the next billing cycle.

Primary uses for the realized capital include repositioning the investment portfolio and supporting organic growth through RWA deployment.

Management remains open to inorganic opportunities that accelerate the existing strategy, while excess capital will support continued share repurchases.