100 largest banks in the United States. In 1990, company veteran David W. Fox became the seventh CEO of the company. William A. Osborn was named president and chief operating officer in 1993 and became chairman and chief executive officer, in addition to president, in 1995. In July 2005, Northern Trust and Enron reached a $365 million settlement with 20,000 employees of Enron after the energy company's collapse (see Enron scandal). Northern Trust had managed the 401k plan for Enron's employeees, who alleged mismanagement and breach of fiduciary duty. The initial settlement was reduced a year later to $32.5 million in an agreement approved by Federal judge Melinda Harmon, with Northern Trust neither admitting nor denying wrongdoing. Osborn stepped down as president in 2006 and as CEO on January 1, 2008. Frederick H. "Rick" Waddell then became chairman and CEO. During his tenure, Waddell was able to guide the bank through the financial crisis. In 2009 Northern Trust was one of 3 banks able to gain large profits. Other than M&T Bank, Northern Trust was the only bank in the S&P 500 Index not to lower its dividend during the financial crisis of 2007–2008. In November 2008, the United States Department of the Treasury invested $1.5 billion in the company as part of the Troubled Asset Relief Program and in June 2009, the company repurchased the investment from the Treasury. The company had been criticized for heavy spending on parties during a 2009 golf tournament that it sponsored, after receiving government funds. The company strives to give approximately 1.5% of its pre-tax profits to charities every year. In the 10 years preceding 2014, the company gave over $120 million in support of non-profit organizations. The company currently sponsors The Northern Trust, a PGA TOUR event that is the first event in the FedEx Cup playoffs. From 2008 through 2017, Northern Trust sponsored the Northern Trust Open in Los Angeles, also a PGA TOUR event. On October 2, 2017, Northern Trust acquired UBS Asset Management's fund administration servicing units in Switzerland and Luxembourg. Effective January 1, 2018, Michael O'Grady became chief executive officer of the company. He also assumed the chairmanship on January 23, 2019. References External links 1889 establishments in Illinois Financial services companies established in 1889 Banks established in 1889 Banks based in Chicago Companies listed on the Nasdaq Enron scandal