U.S. Trust Corp., New York, has hired Richard B. Gross as general counsel and a managing director.
Mr. Gross, who will begin his job June 15, is currently senior vice president, general counsel, and secretary at Ambac Financial Group Inc., New York, which provides financial guarantee insurance and other services.
He has been Ambac's general counsel since 1991, when the company was spun off by Citicorp. Before that he was chief legal officer of Citicorp's global insurance division, an international banking counsel at American Express Co., and a corporate associate at the law firm of White & Case.
At U.S. Trust he will succeed Maureen Scannell Bateman, who has become an executive vice president and general counsel for external affairs at State Street Corp., Boston.