Daniel P. Davison

Daniel Pomeroy Davison
Born	Template:Birth date Manhattan, New York, U.S.
Died	August 25, 2010(2010-08-25) (aged 85) Locust Valley, New York, U.S.
Occupation	Banking executive
Years active	1955–1990
Known for	President of United States Trust (1979–1990)

Daniel Pomeroy Davison (January 30, 1925 – August 25, 2010) was a prominent American banking executive who held the position of president at United States Trust between 1979 and 1990. During his leadership, he steered the firm’s evolution by concentrating on ultra-high-net-worth clientele, delivering tailored services that notably included walking clients' dogs.

Davison was born in Manhattan to Frederick Trubee Davison, who served as a New York State Assemblyman and led the American Museum of Natural History as its president. He attended the Groton School, an institution established by his grandfather Endicott Peabody. His military service included piloting B-17 aircraft in the United States Army Air Forces during World War II. Following the war, he graduated from Yale University in 1949 and earned a law degree from Harvard Law School in 1952.

After spending three years at the law firm White & Case, Davison joined J. P. Morgan & Company in 1955. By 1957, he had become company secretary and played an instrumental role in the 1959 merger with Guaranty Trust Company. He advanced to executive vice president before departing when overlooked for a top executive role.

In 1979, Davison assumed the roles of president and chief operating officer at U.S. Trust. He implemented a client classification system based on asset thresholds—designating those with assets exceeding $2 million as "first class," those with $300,000 to $2 million as "middle class," and clients below $300,000 as "poor." This strategy concentrated the firm’s efforts on its most affluent customers. Under his direction, U.S. Trust’s market value expanded significantly from $40 million to $2.7 billion by the time it was acquired by Charles Schwab Corporation in 2000, and subsequently reached $3.3 billion under Bank of America, where it operates as U.S. Trust, Bank of America Private Wealth Management. Davison stepped down as chairman in 1990 upon reaching age 65.

He passed away at age 85 on August 25, 2010, in Locust Valley, New York, succumbing to pancreatic cancer. He is survived by his wife Katusha Cheremeteff, along with three sons and seven grandchildren.