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Rating:US Trust CEO Will Leave BofA Not Rated 2.0 Email Routing List Email & Route  Print Print
Wednesday, April 04, 2007

US Trust CEO Will Leave BofA

by: Sean Hanna, Editor in Chief

Peter Scaturro, CEO of U.S. Trust, will resign this summer according to a report in the Wall Street Journal. The paper cites sources "familiar with the situation," though it also reports that Bank of America officials confirmed Scaturro's decision.

The 47-year-old Scaturro was in an awkward spot as Charles Schwab just sold the affluent investor specialist to Bank of America for $3.3 billion in a deal that is set to complete in the third quarter.

According to the paper, Scaturro's vision for the integration of the two business clashed with that of BofA's management team. Schwab's acquisition of U.S. Trust was seen by many advisors who work with Schwab as a strategic mistake by then-CEO David Pottruck. Scaturro, who led U.S. Trust through its time with Schwab, was seen as the likely head of Bank of America's high networth business when the deal is complete. 

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