SAN FRANCISCO - Charles Schwab Corp. on Thursday completed its merger with New York-based U.S. Trust Corp., which was announced in January.
The first financial holding company created under the Gramm-Leach-Bliley Act, the combined company had net revenues of $4.5 billion in 1999 and client assets of $913 billion as of March 31. U.S. Trust, headquartered in New York with 26 offices nationwide, will retain its name and be a subsidiary of Schwab.
In a statement, Schwab's president and co-chief executive, David S. Pottruck, said that the companies would begin referring clients to each other and start working together to develop new research offerings and administrative trustee services for Schwab's affluent clients and to enhance U.S. Trust's Internet services.
