Chicago-based bank Northern Trust, which has significant wealth management operations, has announced that chairman William Osborn will step down on 11 November this year. Meanwhile, the bank yesterday announced its net income in the second quarter of 2009 rose sharply on the same period of last year.

Mr Osborn has been chairman for 14 years and is also a director of Northern Trust Corporation and its principal subsidiary. He has been with the firm for 39 years.

Mr Osborn had already stepped down as chief executive officer of the bank at the end of 2007. He will be succeeded as chairman by current CEO and president Frederick Waddell.

"Northern Trust has been incredibly fortunate to have had Bill Osborn’s leadership for nearly 40 years.  During Bill’s tenure as chairman, Northern Trust has experienced unprecedented global growth and financial success. Bill leaves a strong legacy upon which we will continue to build," said Mr Waddell.

Mr Waddell became head of the corporate and institutional services business unit in March 2003, and president and chief operating officer of Northern Trust in February 2006. He was appointed CEO in January 2008.

In a results statement issued yesterday, the firm said net income for the second quarter was $314 million, up from $215 million in the same period a year before. Second-quarter revenues were $1.05 billion, a drop of 4 per cent year-on-year.