U.S. Trust Appoints Peter K. Scaturro CEO
May 09 2005 - 5:58PM
PR Newswire (US)
U.S. Trust Appoints Peter K. Scaturro CEO Charles R. Schwab to be
Chairman of U.S. Trust Board of Directors SAN FRANCISCO, May 9
/PRNewswire-FirstCall/ -- The Charles Schwab Corporation announced
today the appointment of Peter K. Scaturro as CEO of U.S. Trust, an
operating subsidiary, effective immediately. Mr. Scaturro succeeds
Alan J. Weber who joined U.S. Trust as CEO on October 1, 2002 and
is retiring from the Company. Mr. Scaturro will report to Charles
R. Schwab, Schwab Chairman and CEO. Mr. Schwab has also taken on
the role of Chairman of the U.S. Trust Board of Directors. In
addition to his role as the chief executive of U.S. Trust, Scaturro
will join the U.S. Trust Board of Directors and serve on Schwab's
Executive Committee. Mr. Scaturro (45 years old) was formerly CEO
of the Global Private Bank and a member of the Management Committee
at Citigroup, where he was responsible for the Private Bank's 4,000
employees in 98 offices across 39 countries worldwide, with 2004
revenues in excess of $2 billion. He joined Citigroup in 1999 as
Managing Director of the U.S. Private Bank. Prior to that, he was
the Managing Director responsible for the Private Banking business
at Bankers Trust/Deutsche Bank in the United States and a member of
the Deutsche Bank Global Private Bank Steering Committee. Before
its merger with Deutsche Bank, Mr. Scaturro had been with Bankers
Trust for 13 years in a variety of management capacities, and was
made Partner in 1997. Before joining Bankers Trust, Mr. Scaturro
was at Chase Manhattan for five years in the Operations and
Technology Group. Mr. Scaturro serves on boards of a number of
non-profits including the Foreign Policy Association and is a
member of The Economic Club of New York. He holds undergraduate and
graduate degrees from Columbia University. "Peter's great strength
is serving the unique needs of highly affluent clients and creating
integrated financial services solutions to help make their complex
financial situations more productive," Mr. Schwab said in
announcing the appointment. "He has built an impressive track
record of growing businesses by identifying and bringing to bear
wealth management services that result in deeper client
relationships. Our careful consideration of his background,
commitment to clients, ethics, and business success, give us great
confidence in his ability to lead U.S. Trust into the future."
Commenting on his chairmanship of the U.S. Trust Board, Mr. Schwab
said: "I am very enthusiastic about my role as Chairman and plan to
use this opportunity to increase integration across our businesses
to the benefit of our clients. I will actively pursue bringing more
of U.S. Trust's great products and services to Schwab's independent
investment advisor and individual investor clients, as well as
Schwab capabilities to U.S. Trust clients and their families."
About U.S. Trust Founded in 1853, U.S. Trust is a wealth management
company that provides investment management, fiduciary and private
banking services. Headquartered in New York City, U.S. Trust has
$139 billion in client assets, as of March 31st 2005, and serves
affluent individuals, families and institutions nationwide through
its offices in California, Connecticut, Delaware, Florida,
Massachusetts, Minnesota, New Hampshire, New Jersey, New York,
North Carolina, Oregon, Pennsylvania, Texas, Virginia, Washington,
and Washington, D.C. About Charles Schwab The Charles Schwab
Corporation (NYSE / Nasdaq: SCH), through its operating
subsidiaries, provides securities brokerage and financial services
to individual investors and the independent investment advisors who
work with them. With over 7 million individual investor accounts
and more than $1 trillion in client assets, The Charles Schwab
Corporation is one of the nation's largest financial services
firms. Its subsidiary Charles Schwab & Co., Inc. (member SIPC)
provides a complete range of investment services and products,
including an extensive selection of mutual funds; financial
planning and investment advice; retirement plans; referrals to
independent fee-based investment advisors; and custodial,
operational and trading support for independent fee-based
investment advisors. Its subsidiary Charles Schwab Bank, N.A.
(member FDIC) provides banking and mortgage services and products.
The corporation's other operating subsidiaries include U.S. Trust
Corporation (member FDIC) and CyberTrader(R), Inc. (member SIPC).
These companies' Web sites can be reached at
http://www.schwab.com/, http://www.schwabbank.com/,
http://www.ustrust.com/, and http://www.cybertrader.com/.
DATASOURCE: Charles Schwab CONTACT: media, Greg Gable,
+1-415-636-5454, or investors/analysts, Rich Fowler,
+1-415-636-9869, both of Charles Schwab Web site:
http://www.schwab.com/
Copyright