<PAGE>   1
 
                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D. C. 20549
                            ------------------------
 
                                   FORM 10-K
              ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
                        SECURITIES EXCHANGE ACT OF 1934
 
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             FOR THE FISCAL YEAR ENDED                            COMMISSION FILE NUMBER
                 DECEMBER 31, 1997                                        0-20469
</TABLE>
 
                            ------------------------
 
                             U.S. TRUST CORPORATION
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
 
<TABLE>
<S>                                        <C>
                 NEW YORK                                  13-3818952
     (STATE OR OTHER JURISDICTION OF                    (I.R.S. EMPLOYER
      INCORPORATION OR ORGANIZATION)                  IDENTIFICATION NO.)
 
 114 WEST 47TH STREET, NEW YORK, NEW YORK                    10036
 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)                  (ZIP CODE)
</TABLE>
 
       REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (212) 852-1000
                            ------------------------
 
          SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:
                                      None
 
          SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT:
                     Common Shares, Par Value $1 Per Share
                                (Title of Class)
 
     Rights to Purchase Series A Participating Cumulative Preferred Shares
                                (Title of Class)
 
                            ------------------------
 
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
 
                               Yes  X      No  __
 
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]
 
State the aggregate market value of the voting and non-voting common equity held
by non-affiliates of the registrant. The aggregate market value shall be
computed by reference to the price at which the common equity was sold, or the
average bid and asked prices of such common equity, as of a specified date
within 60 days prior to the date of filing. (See definition of affiliate in Rule
405, 17 CFR 230.405.)
 
                     $1,126,370,706 as of January 31, 1998
 
Indicate the number of shares outstanding of each of the registrant's classes of
common stock, as of the latest practicable date.
 
    18,970,454 Common Shares, Par Value $1 Per Share, as of January 31, 1998
 
                      DOCUMENTS INCORPORATED BY REFERENCE
 
Portions of the Annual Report to Shareholders for the fiscal year ended December
31, 1997 are incorporated by reference into Parts I and II. Portions of the
Definitive Proxy Statement for the Annual Meeting of Shareholders to be held
April 28, 1998 are incorporated by reference into Part III.
<PAGE>   2
 
                           10-K CROSS-REFERENCE INDEX
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                                                                               Page
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PART I
Item 1     Business....................................................      34-45, 78(a)
Item 2     Properties..................................................            45,(a)
Item 3     Legal Proceedings...........................................            45,(a)
Item 4     Submission of Matters to a Vote of Security Holders.........               (b)
PART II
Item 5     Market for Registrant's Common Equity and Related
           Stockholder Matters.........................................            71,(a)
Item 6     Selected Financial Data.....................................            73,(a)
Item 7     Management's Discussion and Analysis of Financial Condition
           and Results of Operations...................................         36-46,(a)
Item 7A    Quantitative and Qualitative Disclosures About Market
           Risk........................................................  42-44, 61-62,(a)
Item 8     Financial Statements and Supplementary Data.................         47-71,(a)
Item 9     Changes in and Disagreements with Accountants on Accounting
           and Financial Disclosure....................................               (b)
PART III
Item 10    Directors and Executive Officers of the Registrant..........        79,(a),(c)
Item 11    Executive Compensation......................................               (c)
Item 12    Security Ownership of Certain Beneficial Owners and
           Management..................................................               (c)
Item 13    Certain Relationships and Related Transactions..............               (c)
PART IV
Item 14    Exhibits, Financial Statement Schedules, and Reports on Form
           8-K.........................................................         82-85,(d)
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</TABLE>
 
(a) Incorporated by reference to the Annual Report to Shareholders for the
    fiscal year ended December 31, 1997.
 
(b) Nothing to report.
 
(c) Incorporated by reference to the definitive Proxy Statement for the Annual
    Meeting of Shareholders to be held April 28, 1998.
 
(d) Reports on Form 8-K: Nothing to report. Other schedules are omitted because
    the required information either is not applicable or is not present in
    amounts sufficient to require submission of schedule.
 
                                        2
<PAGE>   3
 
                                    EXHIBITS
                               INDEX OF EXHIBITS
--------------------------------------------------------------------------------
 
<TABLE>
<CAPTION>
Exhibit No.                                Item
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<C>            <S>
    2.1        Agreement and Plan of Merger dated as of November 18, 1994
               (as amended, supplemented or otherwise modified from time to
               time) between The Chase Manhattan Corporation ("Chase") and
               the former U.S. Trust Corporation ("UST"), filed as Appendix
               A to Exhibit 99.1 ("Exhibit 99.1") to UST's Annual Report on
               Form 10-K (Commission File No. 0-8709) for the fiscal year
               ended December 31, 1994.(1)(2)
 
    2.2        Form of Agreement and Plan of Distribution among UST, the
               former United States Trust Company of New York ("USTNY"),
               the Corporation and New U.S. Trust Company of New York (the
               "Trust Company"), filed as Appendix B to Exhibit 99.1.(1)(2)
 
    2.3        Form of Contribution and Assumption Agreement between USTNY
               and the Trust Company, filed as Appendix C to Exhibit
               99.1.(1)(2)
 
    2.4        Form of Post Closing Covenants Agreement among Chase, UST,
               USTNY, the Corporation and the Trust Company, filed as
               Appendix D to Exhibit 99.1.(1)
 
    2.5        Tax Allocation Agreement dated as of September 1, 1995 among
               UST, the Corporation and Chase, filed as Exhibit 2.5 to the
               Corporation's Quarterly Report on Form 10-Q for the quarter
               ended September 30, 1995 (the "1995 10-Q").(1)
 
    2.6        Services Agreement between USTNY and the Trust Company,
               dated September 1, 1995, filed as Exhibit 2.6 to Amendment
               No. 1, dated December 27, 1995 to the 1995 10-Q.(1)
 
    3.1        Restated Certificate of Incorporation of the Corporation,
               filed as Exhibit 4(b) to the Corporation's Registration
               Statement on Form S-8 (Registration No. 33-62371).(1)
 
    3.2        By-Laws of the Corporation, filed as Appendix II to the
               Corporation's Registration Statement on Form 10 dated
               February 9, 1995.(1)
 
    4          Note: The exhibits filed herewith do not include the
               instruments with respect to long-term debt of the
               Corporation and its subsidiaries, inasmuch as the total
               amount of debt authorized under any such instrument does not
               exceed 10% of the total assets of the Corporation and its
               subsidiaries on a consolidated basis. The Corporation
               agrees, pursuant to Item 601 (b)(4)(iii) of Regulation S-K,
               that it will furnish a copy of any such instrument to the
               Securities and Exchange Commission upon request.
 
    4.1        Rights Agreement, dated as of September 1, 1995, between the
               Corporation and First Chicago Trust Company of New York, as
               Rights Agent, filed on September 5, 1995 as Exhibit 1 to the
               Corporation's Registration Statement on Form 8-A for the
               registration under Section 12(g) of the Securities Exchange
               Act of 1934 of Rights to Purchase the Corporation's Series A
               Participating Cumulative Preferred Shares (the "8-A").(1)
 
    4.2        Specimen certificate representing Rights to Purchase the
               Corporation's Series A Participating Cumulative Preferred
               Shares, filed on September 5, 1995 as Exhibit B to Exhibit 1
               to the 8-A.(1)
 
   10.1        Sublease agreement, dated September 1, 1995, between The
               Chase Manhattan Bank (National Association), as Sublessor,
               and the Trust Company, as Sublessee, covering space at 770
               Broadway, New York, New York, filed as Exhibit 10.1 to the
               1995 10-Q.(1)
</TABLE>
 
--------------------------------------------------------------------------------
(1)Incorporated herein by reference.
 
(2)The copy of this document being incorporated by reference herein does not
   include the exhibits and schedules thereto which are identified as being
   omitted in the table of contents of this document. The Corporation undertakes
   to furnish any such omitted exhibits and schedules to the Commission upon its
   request.
 
                                        3
<PAGE>   4
                        INDEX OF EXHIBITS -- (CONTINUED)
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<TABLE>
<CAPTION>
Exhibit No.                                Item
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<C>            <S>
   10.2        Lease, dated as of September 10, 1987, between 46-47
               Associates, as Lessor, and USTNY, as Lessee, covering space
               at 114 West 47th Street, New York, New York; letters
               modifying the terms of such Lease dated, respectively,
               September 10, 1987 and October 2, 1989; Subordination
               Agreement dated as of September 10, 1987 between USTNY and
               1133 Building Corp. subordinating to such Lease a ground
               lease with respect to the property subject to such Lease;
               Right of First Refusal dated as of September 10, 1987
               between USTNY and the Lessor respecting the construction of
               an annex (at 130 West 47th Street, New York, New York)
               adjacent to the property subject to such Lease and which
               annex is to be subject to such Lease; and Agreement dated as
               of September 10, 1987 among USTNY, the Lessor and 1155
               Office Building Corp. under which USTNY and the Lessor may
               exercise an option to purchase property (at 132 West 47th
               Street, New York, New York) contiguous to the property
               subject to such Lease, all filed as Exhibit (10)(k) to UST's
               Annual Report on Form 10-K (Commission File No. 0-8709) for
               the fiscal year ended December 31, 1989.(1)
   10.3        Lease modification agreement dated December 7, 1987, between
               46-47 Associates, as Lessor, and USTNY, as Lessee;
               Modification of Annex Agreement dated December 7, 1987,
               between 46-47 Associates and USTNY; Modification of Right of
               First Refusal Agreement dated December 7, 1987, between 1133
               Building Corp. and USTNY, filed as Exhibit 10.5 to UST's
               Annual Report on Form 10-K (Commission File No. 0-8709) for
               the fiscal year ended December 31, 1993 (the "1993
               10-K").(1)
   10.4        Confirmation and Clarification Agreement dated March 10,
               1992, between 46-47 Associates, as Lessor, and USTNY, as
               Lessee, amending the lease agreement dated September 10,
               1987, filed as Exhibit 10.6 to the 1993 10-K.(1)
   10.5        Clarification of Lease Modification Agreement dated March
               24, 1992, between 46-47 Associates, as Lessor, and USTNY as
               Lessee; Clarification of Right of First Refusal Agreement
               dated March 24, 1992, between 1133 Building Corp. and USTNY;
               Termination of Annex Agreement dated March 24, 1992, between
               46-47 Associates and USTNY; Agreement dated March 24, 1992,
               between 46-47 Associates and USTNY; Grant of Easement and
               Zoning Lot and Development Agreement dated March 24, 1992,
               between 46-47 Associates and 1133 Building Corp., and
               Indenture dated March 24, 1992, between 46-47 Associates and
               David Puchall, filed as Exhibit 10.7 to the 1993 10-K.(1)
   10.6        Second Lease Modification Agreement dated May 10, 1993,
               between 46-47 Associates, as Lessor, and USTNY, as Lessee,
               amending the lease agreement dated September 10, 1987 (see
               Exhibit 10.2 above), filed as Exhibit 10.8 to the 1993
               10-K.(1)
   10.7        License agreement between 46-47 Associates and USTNY for
               space in Cellar 201 at 114 West 47th Street, New York, New
               York, filed as Exhibit 10.9 to UST's Annual Report on Form
               10-K (Commission File No. 0-8709) for the fiscal year ended
               December 31, 1994.(1)
 
               EXECUTIVE COMPENSATION PLANS AND ARRANGEMENTS
   10.8        U.S. Trust Corporation Stock Plan for Non-Officer Directors,
               as amended and restated effective as of September 1, 1995,
               filed as Exhibit 10.8 to the 1995 10-Q.(1)
</TABLE>
 
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(1)Incorporated herein by reference.
 
                                        4
<PAGE>   5
                        INDEX OF EXHIBITS -- (CONTINUED)
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<TABLE>
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Exhibit No.                                Item
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<C>            <S>
   10.9        1989 Stock Compensation Plan and Predecessor Plans of the
               Corporation, as amended and restated through July 1, 1997,
               filed as Exhibit 10.9 to the Corporation's Quarterly Report
               on Form 10-Q for the quarter ended March 31, 1997.(1)
   10.10       Benefit Equalization Plan of the Corporation, as amended and
               restated effective as of January 1, 1997, filed as Exhibit
               10.10 to the Corporation's Quarterly Report on Form 10-Q for
               the quarter ended March 31, 1997.(1)
   10.11       Board Members' Retirement Plan of the Corporation, as
               amended and restated effective as of January 1, 1997, filed
               as Exhibit 10.11 to the Corporation's Quarterly Report on
               Form 10-Q for the quarter ended March 31, 1997.(1)
   10.12       Board Members' Deferred Compensation Plan of the
               Corporation, as amended and restated through January 1,
               1997, filed as Exhibit 10.12 to the Corporation's Quarterly
               Report on Form 10-Q for the quarter ended March 31, 1997.(1)
   10.13       1990 Annual Incentive Plan of the Trust Company and
               Affiliated Companies as amended and restated effective as of
               September 1, 1995, filed as Exhibit 10.13 to the 1995
               10-Q.(1)
   10.14       Incentive Award Plan of the Trust Company and Affiliated
               Companies as amended and restated effective as of September
               1, 1995, filed as Exhibit 10.14 to the 1995 10-Q.(1)
   10.15       1995 Annual Incentive Plan of the Trust Company and
               Affiliated Companies, as amended and restated effective
               January 1, 1996, filed as Exhibit 10.15 to the Corporation's
               Annual Report on Form 10-K for the fiscal year ended
               December 31, 1996 (the "1996 10-K").(1)
   10.16       1990 Change in Control and Severance Policy for Top Tier
               Officers of the Trust Company and Affiliated Companies as
               amended and restated effective as of October 22, 1996, filed
               as Exhibit 10.16 to the 1996 10-K.(1)
   10.17       1990 Change in Control and Severance Policy for Officers and
               Employees of the Trust Company and Affiliated Companies as
               amended and restated effective as of October 22, 1996, filed
               as Exhibit 10.17 to the 1996 10-K.(1)
   10.18       Executive Deferred Compensation Plan of the Corporation, as
               amended and restated through July 1, 1997, filed as Exhibit
               10.18 to the Corporation's Quarterly Report on Form 10-Q for
               the quarter ended March 31, 1997.(1)
   10.19       Executive Incentive Plan of the Corporation, as adopted
               effective January 1, 1997, filed as Exhibit 10.19 to the
               Corporation's Quarterly Report on Form 10-Q for the quarter
               ended March 31, 1997.(1)
   10.20       1995 Stock Option Plan of the Corporation, as amended and
               restated effective November 1, 1996, filed as Exhibit 10.20
               to the 1996 10-K.(1)
   10.21       Agreements re supplemental retirement benefits for H.
               Marshall Schwarz, Jeffrey S. Maurer and Frederick B. Taylor,
               as amended and restated as of August 29, 1995, filed as
               Exhibit 10.21 to the 1995 10-Q.(1)
   10.22       Deferred Restricted Unit Plan of the Corporation, as adopted
               effective January 1, 1997, filed as Exhibit 10.22 to the
               Corporation's Quarterly Report on Form 10-Q for the quarter
               ended March 31, 1997.(1)
</TABLE>
 
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(1)Incorporated herein by reference.
 
                                        5
<PAGE>   6
                        INDEX OF EXHIBITS -- (CONTINUED)
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<TABLE>
<CAPTION>
Exhibit No.                                Item
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<C>            <S>
   10.23       Form of Benefits Protection Agreement for H. Marshall
               Schwarz, Jeffrey S. Maurer and Frederick B. Taylor, filed as
               Exhibit 10.23 to the Corporation's Quarterly Report on Form
               10-Q for the quarter ended June 30, 1997.(1)
   10.24       Form of Benefits Protection Agreement, filed as Exhibit
               10.24 to the Corporation's Quarterly Report on Form 10-Q for
               the quarter ended June 30, 1997.(1)
   10.25       Benefits Protection Agreement for Maribeth S. Rahe, filed as
               Exhibit 10.25 to the Corporation's Quarterly Report on Form
               10-Q for the quarter ended June 30, 1997.(1)
   13          1997 Annual Report to Shareholders
   21          List of Subsidiaries of the Corporation
   23          Consent of Independent Accountants
   27          Financial Data Schedule
</TABLE>
 
--------------------------------------------------------------------------------
(1)Incorporated herein by reference.
 
     This Report has been prepared in accordance with the rules and regulations
of the Securities and Exchange Commission, and the financial statements have
been prepared in accordance with such rules and regulations and with generally
accepted accounting principles, by officers and employees of the Corporation and
its affiliates. This has been done under the general supervision of Richard E.
Brinkmann, Comptroller and Chief Planning Officer, who has executed this Report
on the Corporation's behalf. It has been reviewed by other operating and staff
personnel of the Corporation and such affiliates and by counsel. The
consolidated financial statements have been audited by Coopers & Lybrand L.L.P.,
independent certified public accountants, as indicated in their report.
 
     This Report contains much detailed information, of which the various
signatories cannot and do not have independent personal knowledge. The
signatories believe, however, that the preparation and review process summarized
above are such as ordinarily to afford reasonable assurance of compliance with
applicable requirements.
 
                                        6
<PAGE>   7
 
                                   SIGNATURES
 
     Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this Report to be signed on
its behalf by the undersigned, thereunto duly authorized.
 
                                       U. S. TRUST CORPORATION
                                       (Registrant)
 
                                       By: /s/ RICHARD E. BRINKMANN
                                         ---------------------------------------
                                           Richard E. Brinkmann
                                         Comptroller and Chief
                                         Planning Officer
                                         Dated: March 11, 1998
 
     Pursuant to the requirements of the Securities Exchange Act of 1934, this
Report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.
 
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<CAPTION>
                     Signature                                        Title                     Date
                     ---------                                        -----                     ----
<S>                                                      <C>                               <C>
 
/s/ H. MARSHALL SCHWARZ                                       Chairman of the Board        March 11, 1998
---------------------------------------------------            and Director (Chief
    H. Marshall Schwarz                                         Executive Officer)
 
/s/ JOHN L. KIRBY                                              Treasurer and Chief         March 11, 1998
---------------------------------------------------             Financial Officer
    John L. Kirby
 
/s/ RICHARD E. BRINKMANN                                      Comptroller and Chief        March 11, 1998
---------------------------------------------------              Planning Officer
    Richard E. Brinkmann
 
/s/ ELEANOR BAUM                                                     Director              March 11, 1998
---------------------------------------------------
    Eleanor Baum
 
/s/ SAMUEL C. BUTLER                                                 Director              March 11, 1998
---------------------------------------------------
    Samuel C. Butler
 
/s/ PETER O. CRISP                                                   Director              March 11, 1998
---------------------------------------------------
    Peter O. Crisp
 
/s/ PHILIPPE DE MONTEBELLO                                           Director              March 11, 1998
---------------------------------------------------
    Philippe de Montebello
 
/s/ PAUL W. DOUGLAS                                                  Director              March 11, 1998
---------------------------------------------------
    Paul W. Douglas
 
/s/ ANTONIA M. GRUMBACH                                              Director              March 11, 1998
---------------------------------------------------
    Antonia M. Grumbach
 
/s/ FREDERIC C. HAMILTON                                             Director              March 11, 1998
---------------------------------------------------
    Frederic C. Hamilton
 
/s/ PETER L. MALKIN                                                  Director              March 11, 1998
---------------------------------------------------
    Peter L. Malkin
</TABLE>
 
                                        7
<PAGE>   8
 
<TABLE>
<CAPTION>
                     Signature                                        Title                     Date
                     ---------                                        -----                     ----
<S>                                                      <C>                               <C>
/s/ JEFFREY S. MAURER                                                Director              March 11, 1998
---------------------------------------------------
    Jeffrey S. Maurer
 
/s/ DAVID A. OLSEN                                                   Director              March 11, 1998
---------------------------------------------------
    David A. Olsen
 
/s/ MARIBETH S. RAHE                                                 Director              March 11, 1998
---------------------------------------------------
    Maribeth S. Rahe
 
/s/ PHILIP L. SMITH                                                  Director              March 11, 1998
---------------------------------------------------
    Philip L. Smith
 
/s/ JOHN HOYT STOOKEY                                                Director              March 11, 1998
---------------------------------------------------
    John Hoyt Stookey
 
/s/ FREDERICK B. TAYLOR                                              Director              March 11, 1998
---------------------------------------------------
    Frederick B. Taylor
 
/s/ RICHARD F. TUCKER                                                Director              March 11, 1998
---------------------------------------------------
    Richard F. Tucker
 
/s/ ROBERT N. WILSON                                                 Director              March 11, 1998
---------------------------------------------------
    Robert N. Wilson
 
/s/ RUTH A. WOODEN                                                   Director              March 11, 1998
---------------------------------------------------
    Ruth A. Wooden
</TABLE>
 
                                        8
<PAGE>   9
                                EXHIBIT INDEX


   13          1997 Annual Report to Shareholders
   21          List of Subsidiaries of the Corporation
   23          Consent of Independent Accountants
   27          Financial Data Schedule