Reports Bank of America (BAC) to Acquire Charles Schwab's U.S. Trust Unit for $3.3B

According to reports from the Wall Street Journal, Bank of America (NYSE: BAC) plans to purchase U.S. Trust, the private-banking arm of Charles Schwab Corp (Nasdaq: SCHW), for $3.3 billion. According to the paper, the purchase would create a new leader in lucrative business of managing rich people's money, which has long been dominated by JP Morgan (NYSE: JPM) and Citigroup (NYSE: C).