Northern Trust Corp. announced Tuesday that Steven L. Fradkin, an executive vice president and chief financial officer since 2004, has been named president of the Chicago company's corporate and institutional services unit.

William L. Morrison, an executive vice president and co-president of the Northern Trust Personal Financial Services unit since 2003, will assume Fradkin's role as CFO. Sherry Barrat, the president of Northern Trust Personal Financial Services, will assume Morrison's current responsibilities.

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