Reuters reports hiring plans, debunks sale talk in exclusive interview with U.S. Trust

Reuters was alone with the news that Bank of America’s private banking unit, U.S. Trust, is looking to hire more people on the West Coast of the United States. In an exclusive interview on Oct 14 during the Reuters Global Private Banking Summit, U.S. Trust President Keith Banks said there was an “aggressive war for talent” and debunked several myths about his firm, reiterating that the unit is not for sale and that U.S. Trust and Merrill Lynch’s high net worth business are complementary. As of June 30, U.S. Trust had lost both client-facing professionals and assets under management. Analysts and investors speculated last year that Bank of America, which was selling assets to boost capital, might also sell U.S. Trust.