The Bank of America announced yesterday that U.S. Trust Corp. CEO Peter Scaturro will not come on board when it completes its acquisition of U.S. Trust later this year, dealing what the Wall Street Journal calls "a setback to the big bank's ambitious push to become the leader in the lucrative business of managing rich people's money." Scaturro was supposed to continue leading the exclusive private bank, which requires a $2 million deposit to open an account and has about $93 billion in client assets. Announced in November, the deal was supposed to allow U.S. Trust clients to continue to enjoy their preferred treatment, while benefitting from the giant bank's broad reach. People familiar with the situation say that after numerous disagreements over how the integrated unit would be run, Scaturro decided to step down this summer. Differences of opinion include the big bank's insistence that U.S. Trust switch over to its computer platform, Scaturro's reluctance to cede his autonomy over guiding the unit, and BoA's failure to appreciate the high-cost methods private banks use to lure clients and keep them happy. The Journal says the setback is unlikely to derail the acquisition, but that it highlights the difficulties big banks have in changing their mass-market strategies to suit the ultra-wealthy. Frances Aldrich Sevilla-Sacasa, U.S. Trust president, is likely to replace Scaturro, a person close to the matter said.

Yeah, BAC does suck.

Mucho  you beat me to it......

Appearantly Berko knows exactly what he is talking about. Would like to see how many accounts Scaturro pulls with him to his new employer.

Looks like another expensive arbitration for BAC..

LOLOLOL

[quote=ezmoney] BAC does suck. I feel sorry for the friends I left behind.[/

QUOTE]



Why feel sorry for them? You left, didn’t you EZ? They can find the door if

it’s as bad there as you say.