BofA Private Bank Keeps U.S. Trust Name: N.Y. Times

A Bank of America branch.
Nell Redmond
A Bank of America branch.

Bank of America's private bank business serving rich customers will be named U.S. Trust, marking the first time the company has adopted the name of a business it has bought, the New York Times reported on Monday.

Bank of America is paying $3.3 billion to buy U.S. Trust from Charles Schwab, in a deal that is expected to close next quarter.

Using U.S. Trust's name in its branding campaign may help Bank of America overcome its middle-class image among high-net worth clients, according to the Times report.

Bank of America did not immediately return a call seeking comment.

The full name of the division, expected to be announced on Monday, will be U.S. Trust, Bank of America Private Wealth Management, according to the Times. A new advertising campaign is planned for the autumn, it added.



Contact U.S. News


    Get the best of CNBC in your inbox

    › Learn More

Don't Miss

U.S. Video

  • FMHR trader Pete Najarian thinks Cisco is really focused on cloud, and the stock is headed higher. Stephanie Link is concerned about the company's revenues.

  • Discussing whether today's market looks likes it did during the "dot-com bubble," with John Cassidy, author of "Dot.Con: The Greatest Story Ever Sold," and Roger Lowenstein, author of "Origins of The Crash: The Great Bubble and its Undoing." Cassidy says the Trulia-Zillow deal looks like a "dot com type deal."

  • CNBC's John Harwood provides insight to good news from the Social Security and Medicare Trustee Report.