Peter K. Scaturro has been named to chief executive officer of U.S. Trust, replacing Alan J. Weber, who is retiring.

Scaturro was previously head of Citigroup's Global Private Bank. As CEO of Schwab-owned U.S. Trust, Scaturro will serve as a member of Schwab's executive committee.

In related news, Charles R. Schwab announced that he will serve as the chairman of U.S. Trust's board of directors.

"I will actively pursue bringing more of U.S. Trust's great products and services to Schwab's independent investment advisor and individual investor clients, as well as Schwab capabilities to U.S. Trust clients and their families," stated Schwab.  

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