Peter K. Scaturro, the chief executive of U.S. Trust, is expected to step down this summer after a series of strategic and cultural disagreements with Bank of America Corp., which agreed in November to acquire the private-banking operation from Charles Schwab Corp. for $3.3 billion.
Mr. Scaturro, 47, was slated to lead the B of A's private-banking units once the deal is completed in the third quarter. He declined to comment.
Bank of America confirmed his exit and said in a press release: "We thank Peter for his efforts in the early stages of the transition planning process leading up to our recent Fed approval and wish him the best."
