Sandy Weill, the ex-chairman and chief executive of Citigroup, is considering backing a new wealth management boutique run by the bank's former head of private banking, who was ousted three years ago by Weill's successor Chuck Prince.

Peter Scaturro, who lost his job after Citigroup fell foul of Japanese regulators, returned to the financial markets a year later in 2005 as chief executive of US Trust, the wealth manager that is being acquired by Bank of America.