Just a year and a half after Goldman Sachs hired former U.S. Trust Chief Executive Peter Scaturro to run its private wealth management business, the 48 year old is leaving the firm. Although no official word has come out of Goldman, a source familiar with the matter has confirmed this.
Scaturro assumed the top job at Goldman’s weath management group last year after leaving New York-based wealth manager U.S. Trust before it was acquired by Bank of America Corp. Prior to that he had been at Citigroup, where he was forced out after after regulators shut down its private bank in Japan. Before Citi, he was a partner at Bankers Trust.
Goldman is in the midst of transforming itself from a free-wheeling and once-high flying investment bank into a steadier bank holding company. Scaturro, who ran Citi’s 98 private bank offices in 38 countries, was hired with hopes that he would drive the the expansion of its private banking business. The growth of that business, like many others that were once a the heart of Wall Street’s profit engine, is now in doubt.
Goldman insiders learned that Scaturro was leaving the firm today.
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