U.S. Trust Appoints Peter K. Scaturro CEO

U.S. Trust Appoints Peter K. Scaturro CEO
Charles R. Schwab to be Chairman of U.S. Trust Board of Directors 


SAN FRANCISCO, May 9  /PRNewswire-FirstCall/ -- The Charles Schwab Corporation
announced today the appointment of Peter K. Scaturro as CEO of U.S. Trust, an
operating subsidiary, effective immediately.

Mr. Scaturro succeeds Alan J. Weber who joined U.S. Trust as CEO on October 1,
2002 and is retiring from the Company.  Mr. Scaturro will report to Charles R.
Schwab, Schwab Chairman and CEO. Mr. Schwab has also taken on the role of
Chairman of the U.S. Trust Board of Directors.  In addition to his role as the
chief executive of U.S. Trust, Scaturro will join the U.S. Trust Board of
Directors and serve on Schwab's Executive Committee.

Mr. Scaturro (45 years old) was formerly CEO of the Global Private Bank and a
member of the Management Committee at Citigroup, where he was responsible for
the Private Bank's 4,000 employees in 98 offices across 39 countries worldwide,
with 2004 revenues in excess of $2 billion.  He joined Citigroup in 1999 as
Managing Director of the U.S. Private Bank. Prior to that, he was the Managing
Director responsible for the Private Banking business at Bankers Trust/Deutsche
Bank in the United States and a member of the Deutsche Bank Global Private Bank
Steering Committee.  Before its merger with Deutsche Bank, Mr. Scaturro had
been with Bankers Trust for 13 years in a variety of management capacities, and
was made Partner in 1997.  Before joining Bankers Trust, Mr. Scaturro was at
Chase Manhattan for five years in the Operations and Technology Group.  Mr.
Scaturro serves on boards of a number of non-profits including the Foreign
Policy Association and is a member of The Economic Club of New York.  He holds
undergraduate and graduate degrees from Columbia University.

"Peter's great strength is serving the unique needs of highly affluent clients
and creating integrated financial services solutions to help make their complex
financial situations more productive," Mr. Schwab said in announcing the
appointment.  "He has built an impressive track record of growing businesses by
identifying and bringing to bear wealth management services that result in
deeper client relationships.  Our careful consideration of his background,
commitment to clients, ethics, and business success, give us great confidence
in his ability to lead U.S. Trust into the future."

Commenting on his chairmanship of the U.S. Trust Board, Mr. Schwab said: "I am
very enthusiastic about my role as Chairman and plan to use this opportunity to
increase integration across our businesses to the benefit of our clients.  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."

About U.S. Trust

Founded in 1853, U.S. Trust is a wealth management company that provides
investment management, fiduciary and private banking services.  Headquartered
in New York City, U.S. Trust has $139 billion in client assets, as of March
31st 2005, and serves affluent individuals, families and institutions
nationwide through its offices in California, Connecticut, Delaware, Florida,
Massachusetts, Minnesota, New Hampshire, New Jersey, New York, North Carolina,
Oregon, Pennsylvania, Texas, Virginia, Washington, and Washington, D.C.

About Charles Schwab

The Charles Schwab Corporation (NYSE / Nasdaq: SCH), through its operating
subsidiaries, provides securities brokerage and financial services to
individual investors and the independent investment advisors who work with
them. With over 7 million individual investor accounts and more than $1
trillion in client assets, The Charles Schwab Corporation is one of the
nation's largest financial services firms. Its subsidiary Charles Schwab & Co.,
Inc. (member SIPC) provides a complete range of investment services and
products, including an extensive selection of mutual funds; financial planning
and investment advice; retirement plans; referrals to independent fee-based
investment advisors; and custodial, operational and trading support for
independent fee-based investment advisors. Its subsidiary Charles Schwab Bank,
N.A. (member FDIC) provides banking and mortgage services and products. The
corporation's other operating subsidiaries include U.S. Trust Corporation
(member FDIC) and CyberTrader(R), Inc. (member SIPC).  These companies' Web
sites can be reached at http://www.schwab.com/, http://www.schwabbank.com/,
http://www.ustrust.com/, and http://www.cybertrader.com/. 

DATASOURCE: Charles Schwab



CONTACT:  media, Greg Gable, [phone], or investors/analysts, Rich

Fowler, [phone], both of Charles Schwab



Web site:  http://www.schwab.com/ 

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