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.