The lender has announced a change at the top.

Northern Trust, the Chicago-headquartered bank, has elected Michael O’Grady as president, taking up the role with effect from Jan. 1 next year. O’Grady will report to Frederick H. Waddell, chairman and chief executive.

Until a successor is named, O’Grady will retain the existing responsibilities as president, corporate and institutional services.  Steve Fradkin, president, wealth management, and Steve Potter, president, asset management, will report to O’Grady effective Jan 1, 2017, the bank said in a statement.

Prior to his most recent role, O’Grady served as executive vice president and chief financial officer. 

Before joining Northern Trust in 2011, he was MD in the financial institutions investment banking Group at Bank of America Merrill Lynch.  He joined Merrill Lynch in 1992 as an Associate.
Prior to Merrill Lynch, O'Grady worked for Price Waterhouse from 1987 to 1990.