Schwab to buy U.S. Trust Corp. for $2.7 billion

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San Francisco--Charles Schwab & Co. has agreed to acquire U.S. Trust Corp., New York, for $2.7 billion in stock. The acquisition will be a huge boon for Schwab in serving the financial adviser marketplace. Financial adviser firms that work through Schwab will have access to U.S. Trust's vast array of financial products. "Our [financial adviser firm] clients have told us repeatedly that trust and private banking services are absolutely essential to serve affluent clients well," said Schwab Co-CEO David Pottruck
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