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
wrapped up its $3.3 billion acquisition of U.S. Trust from
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
boss Sandy Weill that would cater to the ultrarich.
Now, news has emerged identifying Scaturro as a possible hire of
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
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.
One source told
that Scaturro wouldn't be a good cultural fit at Goldman unless he took on a lesser role with an inflated title so that Goldman could benefit from his book of business.
Scatturo, 47, didn't return a message requesting comment that was left with one of his assistants in New York.
Previously, Scaturro was the CEO of Citi's private banking unit until he was reportedly forced out in 2004 amid questions about some of the activities of the firm's Japanese wealth management division.
Mark Lane, of the boutique investment bank William Blair, doesn't think that Goldman would make an external hire to spearhead one of its units, much less a strong profitable division such as wealth management.
"Goldman has a very, very successful high-net-worth private client business, and I'm assuming some pretty strong bench strength," Lane says. "
Hiring is not an obvious move to me. It's not as if there's some hole to fill."
Scaturro's departures at BofA and Citi have given him the air of an executive who brings a lot to the table for any banking institution, but one who doesn't take direction well.
"With his track record its hard to argue that he should run anything," comments Richard Bove, analyst at Punk Ziegel. "But if you're hiring him to run a division it doesn't make sense."