Executive quits U.S Trust By Charles Paikert April 4, 2007
Bank of America Corp.'s wealth management strategy has been thrown into question with the impending departure of Peter Scaturro, chief executive officer of New York-based U.S. Trust.
U.S. Trust was acquired by Bank of America late last year for $3.3 billion.
According to a story in today's Wall Street Journal, Mr. Scaturro clashed with his new superior, Brian Moynihan, president of Charlotte, N.C.-based Bank of America's Global Wealth and Investment Management division, and will leave the firm this summer.
A Bank of America spokesperson confirmed Mr. Scaturro's departure.
Mr. Scaturro reportedly opposed Mr. Moynihan's plans to de-emphasize the special treatment given to U.S. Trust's high-net-worth customers in favor of Bank of America's focus on scale and centralization.
Mr. Scaturro also balked at reporting to Mr. Moynihan, lobbying instead to report to Kenneth Lewis, Bank of America's chairman and chief executive. Frances Aldrich Sevilla-Sacasa, president of U.S. Trust, is expected to replace Mr. Scaturro, the Journal reported.
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Feb 24, 2021 18:00:23 GMT -4
mayz: Still here and keeping the faith.
Feb 24, 2021 18:35:01 GMT -4
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Feb 24, 2021 20:16:41 GMT -4
narvo: Wondering if anyone here ever knew the shareholder last name Ehmann from the desert area of California? He was a good man and he liked fell off the face of the Earth. I am sensing a bad feeling. He held many shares. Thx, Narvo
Feb 25, 2021 0:20:13 GMT -4
bbildman: 2 Covid Moderna vaccine shot done, nd I am still alive
Feb 25, 2021 16:14:52 GMT -4
narvo: Another link with CMKX in it.QFS Schedule: According to Military Intel Contact Tier 4B should be notified to set redemption/ exchange appointments on Mon. 1 March or Tues. 2 March,though it may happen sooner.QuantumFinancialSystem anonup.com/thread
Feb 28, 2021 0:02:28 GMT -4