Byron Laflin Smith

Byron Laflin Smith (1861-1937) was an American banker, entrepreneur, and philanthropist who founded the Northern Trust Company, now known as Northern Trust Corporation, in 1889. Headquartered in Chicago, Illinois, Northern Trust is a leading provider of wealth management, asset servicing, asset management, and banking services to corporations, institutions, and affluent individuals.

Here are some key aspects of Byron Laflin Smith's life and career:

1. Early life and education: Byron L. Smith was born in Chicago, Illinois, in 1861. He attended public schools in the city and later studied at the Bryant & Stratton Business College (now known as Bryant & Stratton College).
2. Banking career: Smith began his banking career at the age of 18, working as a bank messenger for the Merchants' Loan and Trust Company (now part of JPMorgan Chase). He quickly climbed the ranks, eventually becoming an assistant cashier. In 1889, at the age of 28, Smith founded the Northern Trust Company with just $1 million in capital.
3. Northern Trust Company: Under Smith's leadership, Northern Trust focused on providing trust and banking services to affluent individuals and institutions. The company's conservative approach to banking and emphasis on exceptional customer service helped it to establish a strong reputation and grow its business throughout the early 20th century. By the time of Smith's death in 1937, Northern Trust had become one of the largest and most respected trust companies in the United States.
4. Philanthropy and civic involvement: Byron L. Smith was deeply committed to giving back to his community. He supported various charitable and educational causes throughout his life, including the Art Institute of Chicago and the University of Chicago. Smith was also involved in civic affairs, serving on the boards of several prominent organizations, such as the Chicago Association of Commerce and the Chicago Clearing House Association.

In summary, Byron Laflin Smith was a visionary banker and entrepreneur who founded Northern Trust, one of the most respected financial institutions in the United States. His focus on conservative banking practices, exceptional customer service, and commitment to philanthropy and civic engagement helped to shape the company's values and legacy, which continue to influence its operations today.