U.S. Trust, Bank of America Private Wealth Management (formerly known as U.S. Trust Corporation) was founded in 1853 as the United States Trust Company of New York. It operated independently until 2000, when it was acquired by Charles Schwab, and Co., and subsequently was sold to, and became a subsidiary of, Bank of America in 2007. U.S. Trust provides investment management, wealth structuring, and credit and lending services to clients.