Northern Trust's CEO said on Wednesday that he has not entertained sale discussions and does not intend to, after the wealth and asset manager reported a second-quarter profit that beat estimates.

"During my tenure as CEO, we have never entertained discussions regarding the sale of the company with any financial institution," CEO Michael O'Grady told analysts Wednesday. The Wall Street Journal reported last month that the two banks' CEOs had at least one conversation about a

Despite reports that BNY and Goldman had approached Northern Trust, CEO Mike O’Grady told analysts that independence will “produce the best returns for our shareholders ultimately.”