Is Sandy Weill getting back into the game? Well, that's the scuttlebutt. Turns out that Peter Scaturro, who headed Citigroup's private bank until leaving for U.S. Trust, is leaving his current post at the end of the month. Scaturro has been credited with a turnaround at the firm, which had been hit hard by defections and a lack of synergy with its then-owner Charles Schwab. U.S. Trust was bought by Bank of America recently. Unfortunately, there have been subsequent disagreements leading to his somewhat surprising departure. The New York Post reports Scaturro has held talks with Weill and various private equity firms about launching a wealth management firm. The field is crowded, but it seems he has the name and the supporters to make it happen.
Our take on this news: Good for Sandy Weill. A brilliant investor in his own right now financing a new investment firm. While many corporate raiders and financiers of the past, Asher Edelman, now enjoying art in Paris, Saul Steinberg resting easy and enjoying his grandchildren, the Minneapolis financiers of Irwin Jacobs tending to his boating and fishing tournament empire, Carl Pohlad turning the reins over to his sons and watching his Minnesota Twins play competitive baseball, and Richard Christenson announcing his retirement from the private equity firm he started 30 years ago. It is refreshing to see a Weill come out from retirement and guide this new firm with his long history of success in building value. Hooray and best wishes to Sam Weill.
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