Goldman's head of private wealth management to depart
Goldman Sachs' global head of the private wealth management division will leave at the end of the year after only 18 months, and after exiting Bank of America, slated to become the world's largest wealth management business via its takeover of Merrill Lynch.
A source familiar with the move confirmed that Peter Scaturro will leave the bank at the end of December but did not elaborate.
A Goldman Sachs spokeswoman declined to comment.
Scaturro joined Goldman Sachs after serving as chief executive of US Trust, a subsidiary of Charles Schwab. He moved when Charles Schwab sold the wealth management business to Bank of America in a $3.3bn (€2.57bn) deal in April 2007.
Financial News has reported that Scaturro's departure stemmed from disagreements with Bank of America president Brian Moynihan over how the merged companies should be run.
Frances Aldrich Sevilla-Sacasa, the president of US Trust, took over the role vacated by Scaturro.
Prior to joining US Trust, Scaturro worked as the chief executive of Citigroup’s private bank for five years until October 2004 when he and two other executives were dismissed from the company when regulators forced Citigroup to shut its private banking business in Japan over securities law violations.
Following its takeover of Merrill, BofA said that it would be in charge of wealth assets totalling $2.5 trillion. Analysts said that the total would fall closer to $2bn once non-wealthy BoA brokerage accounts are stripped out. But even this would put BofA in charge of more wealth assets than UBS, which looks after $1.8bn.
Separately, Joanne Hill, managing director of the pensions, endowments and foundations group at Goldman Sachs is retiring next February. Hill has worked for Goldman for over 16 years. Prior to her current role, she served as global head of derivatives and trading research.
—Write to Stephanie Baum at sbaum@efinancialnews.com
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