Scaturro's Fate Up in the Air

Just where former U.S. Trust CEO Peter Scaturro will end up isn't known for the moment, and that means the Wall Street rumor mill is rife with speculation about the banking veteran's next post.

Bank of America (BAC Quote) wrapped up its $3.3 billion acquisition of U.S. Trust from Charles Schwab(SCHW Quote) on Monday.

Originally, Scaturro was expected to spearhead Bank of America's combined private asset management business after the merger, but he abruptly left amid what was believed to be a conflict with BofA executives. So far, he hasn't landed anywhere, though he is being linked to a pair of possibilities.

The New York Post reported last month that Scaturro was contemplating launching a private-equity shop with his former Citigroup (C Quote) boss Sandy Weill that would cater to the ultrarich.

Now, news has emerged identifying Scaturro as a possible hire of Goldman Sachs (GS Quote) in an unidentified position in its private wealth management division. According to industry newsletter Private Asset Management, Scaturro is slated to start at Goldman in August.

However, a Goldman spokesman flatly denied that it has hired Scaturro and wouldn't comment on whether the firm has had talks with the executive.

People familiar with Scaturro tell TheStreet.com that it is improbable he would look to launch a wealth management firm on his own or with Weill. At the same time, they say Scaturro would give a financial institution aiming to grow its wealth management business instant traction because he comes with a large book of rich clients.