Scaturro spearheads Goldman’s push into private banking
Goldman, which lags behind its Swiss and US rivals in the global private banking business, is also facing competition from the so-called family offices.
Peter Scaturro is spearheading Goldman Sachs' aggressive push into private banking as the US investment bank seeks to reduce reliance on its own trading by increasing revenues from managing money of the ultra-rich, according to a Boston Globe report.
Scaturro was hired by Goldman Sachs chief executive Lloyd Blankfein in July last year after private banking stints at New York-based US Trust Corp. and Citigroup. Blankfein says he's pursuing fortunes in Asia, Latin America, and Russia, targeting individuals with $10m (€6.7m) in financial assets or more.
Goldman, which lags behind its Swiss and US rivals in the global private banking business, is also facing competition from the so-called family offices. Ranked in assets held by clients with at least $1m to invest, Goldman comes in at number 12, with $177bn as of 2006, according to data from Scorpio Partnership, a London-based consultant.
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