Northern Trust Corp. in Chicago has promoted Chief Financial Officer William L. Morrison to president and chief operating officer and has hired Bank of America Merrill Lynch veteran Michael G. O'Grady to be the new CFO.

Morrison, who has been Northern Trust's CFO since September 2009, will move into his new role on Oct. 1. He will continue to report to Chairman and Chief Executive Officer Frederick H. Waddell.

O'Grady joined the former Merrill Lynch in 1992 and has most recently served as a managing director in Bank of America Merrill Lynch's Financial Institutions Investment Banking Group and head of the firm's Depository Institutions Group for the Americas. He is expected to join the $94 billion-asset Northern Trust on Oct. 1 and he will also report to Waddell.

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