Northern Trust hires Alison Pain as new EMEA CTO
Chicago-headquartered corporate bank Northern Trust has announced the appointment of Alison Pain as its new chief technology officer for the Europe, Middle East, and Africa (EMEA) region.
Alison Painm Northern Trust EMEA CTO
Pain will be located in the bank’s London offices, and will focus on the planning, organisation and direction of the enterprise technology business across her region.
She will report to Tom South, chief information officer at Northern Trust, and within the region will work with Teresa Parker, president for EMEA at Northern Trust.
Prior to joining Northern Trust, Pain served as managing director at Deutsche Bank, and also spent 12 years at Goldman Sachs leading infrastructure service and application development functions in EMEA.
South says that in a world of “ever-changing technology”, it’s become key for firms to navigate a “complex landscape” and respond to and anticipate client’s requirements.
The appointment of Pain, he adds, will enable the bank to “develop and refine” its future operations in the EMEA region and deliver on new technology capabilities.
Founded in 1889, Northern Trust is counted among the largest banks in the United States, and one of the oldest in continuous operation.
The bank holds an estimated $1.12 trillion in assets under management, and $10.88 trillion in assets under custody.
It reported its first quarter earnings earlier this week, showing a 9.1% drop in assets under management since December 2019, and a drop of 3.7% from April 2019. Its assets under custody also dipped, falling 9.7%.
Despite this, the bank’s revenues were up by 2.5% compared to the prior quarter and up 7.2% for the year.
Chairman, president and CEO of Northern Trust, Michael O’Grady, told analysts on an earnings call that more than 90% of the bank’s employees were working remotely due to the ongoing coronavirus panedemic.
“What we learned is that in a crisis, we can meet client needs,” he said. “We don’t have a complete operating plan in place now, but we’re not going back to working the way we worked before.”
