The American brokers CHARLES SCHWAB ($275 bn in assets under management with 340 offices) and the investment firm US TRUST ($86 bn assets managed with a workforce of 1,900 and 24 offices in a dozen States) have announced their merger through a share swap in a deal estimated at $2.7 bn. On the basis of the two groups' turnovers in 1999, the new firm will represent an overall turnover of $4.5 bn and manage some $800 bn in assets.