Goldman Sachs Group Inc. said it has hired former U.S. Trust Co. chief executive Peter K. Scaturro to be its global head of private wealth management.
Peter S. Kraus, the managing director of Goldman's investment management division, wrote in an internal memo that Mr. Scaturro, who joined the firm Monday, has also joined his division's operating group.
Mr. Scaturro, 47, left U.S. Trust on July 1 as Charles Schwab Corp. prepared to close its sale of the private-banking unit to Bank of America Corp. Mr. Scaturro, who joined U.S. Trust in 2005, reportedly left amid disagreements over how to integrate the Schwab unit with B of A's existing private banking business. The executive was forced out at Citigroup Inc. in 2004 after regulators shut down the company's private bank in Japan.
Goldman expects Mr. Scaturro to lead in "expanding our global footprint, increasing client coverage, and opening new offices in a number of key locations," Mr. Kraus said in the memo.