Northern Trust Shares Rise on Merger Interest from BNY Mellon

June 23, Bengaluru, India — Northern Trust‘s shares surged by 5% in premarket trading on Monday following a report by The Wall Street Journal indicating that Bank of New York Mellon Corp (BNY) has expressed interest in merging with the asset and wealth manager.

A deal between BNY, the world’s largest custodian bank, and Northern Trust would significantly impact the asset servicing and wealth management sector by merging two major players.

According to the report, the chief executives of BNY and Northern Trust engaged in at least one conversation regarding the merger, though no formal offer was made. BNY may consider approaching Northern Trust again with a formal bid in the future, but such a deal is not guaranteed.

Bank of New York Mellon declined to comment, while Northern Trust did not respond to Reuters’ request outside regular business hours. Analyst Rajiv Bhatia from Morningstar highlighted that any potential deal would need to navigate antitrust regulations, noting that State Street, JPMorgan, and Citigroup are still significant competitors in custody.

Bhatia added that recent trends indicate that bank dealmaking could gain momentum in the second half of 2025 as regulatory pressures ease and interest rates stabilize.

Currently, BNY has a market capitalization of $65.55 billion, while Northern Trust stands at $21.76 billion, according to the London Stock Exchange Group. Both banks provide a wide range of services, including holding, managing, and transferring funds for corporations, investment firms, and financial advisers.

As of Monday, BNY’s shares were relatively unchanged in premarket trading but have risen approximately 19% since the start of the year. Northern Trust’s stock increased to $117.85, adding to its 9% gain prior to this announcement.