Charles Schwab Corp. of San Francisco yesterday confirmed that it is selling wealth-management specialist U.S. Trust to Bank of America for $3.3 billion in cash. After it adds U.S. Trust, Bank of America expects to manage about $261 billion in assets for the rich--significantly more than any other U.S. bank. In the high-end market, JP Morgan Chase & Co. holds the top spot among U.S. banks, with assets of $204 billion under management.
Even so, the asset size of Bank of America's wealth management arm will rank behind the four full-service stock brokerages: Merrill Lynch, Citigroup, UBS and Morgan Stanley.
The deal is expected to be completed next spring.