<PAGE>   1
================================================================================

                                UNITED STATES

                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                           -----------------------

                                 FORM 10-Q/A
                               AMENDMENT NO. 1

               Quarterly Report Pursuant to Section 13 or 15(d)
                    of the Securities Exchange Act of 1934

             For the Quarterly Period Ended:  SEPTEMBER 30, 1999

             Commission file number:          1-14933

                            U.S. TRUST CORPORATION
--------------------------------------------------------------------------------
            (Exact name of registrant as specified in its charter)

              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                10036-1532
   ----------------------------------------                ----------
   (Address of principal executive offices)                (Zip Code)

                                (212) 852-1000
             ----------------------------------------------------
             (Registrant's telephone number, including area code)

                                Not Applicable
                                --------------
           (Former name, former address and former fiscal year, if
                          changed since last report)

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 the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.

      18,665,033 shares, Common Stock, $1 par value, as of October 29, 1999
================================================================================


<PAGE>   2

     The following is an amendment to Part I - Item 1 of U.S. Trust
Corporation's Quarterly Report on Form 10-Q for the quarterly period ended
September 30, 1999, as filed November 12, 1999. This amendment is made to
correct the column heading on page 4 to state "For the nine months ended
September 30, 1999 and 1998". Previously, the column heading stated "For the
three months ended September 30, 1999 and 1998".









                                       2
<PAGE>   3

                            U.S. TRUST CORPORATION
                  CONDENSED CONSOLIDATED STATEMENT OF INCOME
                   (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
                                  (UNAUDITED)

<TABLE>
<CAPTION>
                                                        FOR THE THREE MONTHS ENDED SEPTEMBER 30,
                                                  --------------------------------------------------
                                                                                 INCREASE (DECREASE)
                                                                                 -------------------
                                                    1999           1998             $            %
                                                  --------       --------        -------     --------
<S>                                               <C>           <C>             <C>         <C>
Fee Revenue                                       $103,478       $ 88,892        $14,586       16.4  %
Net Interest Revenue *                              28,557         24,690          3,867       15.7
                                                  --------       --------        -------     --------

TOTAL REVENUE                                      132,035        113,582         18,453       16.2
                                                  --------       --------        -------     --------

OPERATING EXPENSES
Salaries                                            36,175         30,402          5,773       19.0
Performance Compensation                            12,448         11,121          1,327       11.9
Sales Commissions and Incentives                     7,585          4,807          2,778       57.8
Other Employee Benefits                              9,241          7,830          1,411       18.0
                                                  --------       --------        -------     --------

Total Salaries, Performance
   Compensation and Other Benefits                  65,449         54,160         11,289       20.8
Net Occupancy                                        9,992          9,536            456        4.8
Other                                               24,580         23,849            731        3.1
                                                  --------       --------        -------     --------

TOTAL OPERATING EXPENSES                           100,021         87,545         12,476       14.3
                                                  --------       --------        -------     --------

Income Before Income Tax Expense                    32,014         26,037          5,977       23.0
Income Tax Expense                                  12,485         10,155          2,330       22.9
                                                  --------       --------        -------     --------

NET INCOME                                        $ 19,529       $ 15,882        $ 3,647       23.0  %
                                                  ========       ========        =======     ========

BASIC EARNINGS PER SHARE                          $   1.05       $   0.85        $  0.20       23.5  %
                                                  ========       ========        =======     ========

DILUTED EARNINGS PER SHARE                        $   0.93       $   0.76        $  0.17       22.4  %
                                                  ========       ========        =======     ========
</TABLE>

The accompanying notes are an integral part of these financial statements.

 * Net Interest Revenue consists of interest income, net securities gains
   (losses) less interest expense and the provision for credit losses.  There
   was no provision for credit losses for the three month period ended
   September 30, 1999.  The provision for credit losses was $150,000 for the
   three month period ended September 30, 1998



                                       3
<PAGE>   4

                            U.S. TRUST CORPORATION
                  CONDENSED CONSOLIDATED STATEMENT OF INCOME
                   (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
                                  (UNAUDITED)

<TABLE>
<CAPTION>
                                                    FOR THE NINE MONTHS ENDED SEPTEMBER 30,
                                                -----------------------------------------------
                                                                            INCREASE (DECREASE)
                                                                            -------------------
                                                  1999         1998             $           %
                                                --------     --------       --------    --------
<S>                                            <C>          <C>            <C>         <C>
Fee Revenue                                     $308,543     $250,805       $ 57,738      23.0  %
Net Interest Revenue *                            86,486       74,748         11,738      15.7
                                                --------     --------       --------    --------

TOTAL REVENUE                                    395,029      325,553         69,476      21.3
                                                --------     --------       --------    --------

OPERATING EXPENSES
Salaries                                         103,529       86,184         17,345      20.1
Performance Compensation                          43,628       33,208         10,420      31.4
Sales Commissions and Incentives                  20,968       13,823          7,145      51.7
Other Employee Benefits                           25,838       22,599          3,239      14.3
                                                --------     --------       --------    --------

Total Salaries, Performance
   Compensation and Other Benefits               193,963      155,814         38,149      24.5
Net Occupancy                                     29,131       27,425          1,706       6.2
Other                                             77,297       67,117         10,180      15.2
                                                --------     --------       --------    --------

TOTAL OPERATING EXPENSES                         300,391      250,356         50,035      20.0
                                                --------     --------       --------    --------

Income Before Income Tax Expense                  94,638       75,197         19,441      25.9
Income Tax Expense                                37,221       29,327          7,894      26.9
                                                --------     --------       --------    --------

NET INCOME                                      $ 57,417     $ 45,870       $ 11,547      25.2  %
                                                ========     ========       ========    ========

BASIC EARNINGS PER SHARE                        $   3.10     $   2.44       $   0.66      27.0  %
                                                ========     ========       ========    ========

DILUTED EARNINGS PER SHARE                      $   2.75     $   2.19       $   0.56      25.6  %
                                                ========     ========       ========    ========
</TABLE>

The accompanying notes are an integral part of these financial statements.

 *  Net Interest Revenue consists of interest income, net securities gains
    (losses) less interest expense and the provision for credit losses.  There
    was no provision for credit losses for the nine month period ended
    September 30, 1999.  The provision for credit losses was $450,000 for the
    nine month period ended September 30, 1998.


                                       4
<PAGE>   5
                            U.S. TRUST CORPORATION
                 CONDENSED CONSOLIDATED STATEMENT OF CONDITION
                            (DOLLARS IN THOUSANDS)
                                  (UNAUDITED)

<TABLE>
<CAPTION>
                                                                   SEPTEMBER 30,              DECEMBER 31,

ASSETS                                                                1999                        1998
                                                                  --------------             --------------
<S>                                                              <C>                        <C>
Cash and Due from Banks                                           $     209,739              $     108,346

Interest Earning Securities                                           1,183,662                  1,517,351

Loans, Net of Allowance for Credit Losses

    ($20,014 in 1999 and $19,414 in 1998)                             2,569,282                  2,171,393

Other Assets                                                            413,995                    345,772
                                                                  --------------             --------------

Total Assets                                                      $   4,376,678              $   4,142,862
                                                                  ==============             ==============

LIABILITIES AND STOCKHOLDERS' EQUITY

Total Deposits                                                    $   3,646,105              $   3,414,791

Short and Long-Term Credit Facilities                                   144,469                    208,698

Other Liabilities                                                       284,652                    274,738
                                                                  --------------             --------------

Total Liabilities                                                     4,075,226                  3,898,227
                                                                  --------------             --------------

Stockholders' Equity                                                    301,452                    244,635
                                                                  --------------             --------------

Total Liabilities and Stockholders' Equity                        $   4,376,678              $   4,142,862
                                                                  ==============             ==============
</TABLE>

The accompanying notes are an integral part of these financial statements.


                                       5
<PAGE>   6

                            U.S. TRUST CORPORATION
      CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
                   (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
                                  (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                                       Accumulated
                                                                                                          Other          Total
                                               Common    Capital    Retained    Treasury    Loan to   Comprehensive  Stockholders'
                                                Stock    Surplus    Earnings     Stock       ESOP     Income/(Loss)     Equity
                                             --------- ---------- ----------- ----------- ----------  -------------  -------------
<S>                                          <C>       <C>        <C>         <C>         <C>         <C>            <C>
Balance, January 1, 1999                      $ 19,971  $  18,902  $ 293,289   $ (87,768)  $ (3,773)    $    4,014    $  244,635

Net Income                                                            57,417                                              57,417
Net Unrealized (Loss) on Securities
   Available for Sale                                                                                      (11,375)      (11,375)
                                                                  -----------                         -------------  ------------
Total Comprehensive Income                                            57,417                               (11,375)       46,042

Purchases of Treasury Stock                                                      (35,397)                                (35,397)
Principal Payment by ESOP                                                                     3,773                        3,773
Cash Dividends Declared ($0.66 Per Share)                            (12,179)                                            (12,179)
Issuance of Shares for Acquisitions                        12,564                 32,181                                  44,745
Capital Effect of Employee Benefit Plans            89      3,260         18       6,466                                   9,833
                                             --------- ---------- ----------- ----------- ----------  -------------  ------------

Balance, September 30, 1999                   $ 20,060  $  34,726  $ 338,545   $ (84,518)  $     -      $   (7,361)   $  301,452
                                             ========= ========== =========== =========== ==========  =============  ============
</TABLE>

<TABLE>
<CAPTION>
                                                                                                       Accumulated
                                                                                                          Other          Total
                                               Common    Capital    Retained    Treasury    Loan to   Comprehensive  Stockholders'
                                                Stock    Surplus    Earnings     Stock       ESOP         Income        Equity
                                             --------- ---------- ----------- ----------- ----------  -------------  -------------
<S>                                          <C>       <C>        <C>         <C>         <C>         <C>            <C>
Balance, January 1, 1998                      $ 19,895  $  12,325  $ 244,980   $ (42,627)  $ (7,254)   $     3,827    $  231,146

Net Income                                                            45,870                                              45,870
Net Unrealized Gain on Securities
   Available for Sale                                                                                        2,164         2,164
                                                                  -----------                         -------------  ------------
Total Comprehensive Income                                            45,870                                 2,164        48,034

Purchases of Treasury Stock                                                      (42,648)                                (42,648)
Principal Payment by ESOP                                                                     3,481                        3,481
Cash Dividends Declared ($0.54 Per Share)                            (10,114)                                            (10,114)
Issuance of Shares for Acquisitions                         2,453                  6,503                                   8,956
Capital Effect of Employee Benefit Plans            52      2,321         75       3,644                                   6,092
                                             --------- ---------- ----------- ----------- ----------  -------------  ------------

Balance, September 30, 1998                   $ 19,947  $  17,099  $ 280,811   $ (75,128)  $ (3,773)   $     5,991   $   244,947
                                             ========= ========== =========== =========== ==========  =============  ============
</TABLE>

The accompanying notes are an integral part of these financial statements.


                                       6
<PAGE>   7
                            U.S. TRUST CORPORATION
                CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
                                (IN THOUSANDS)
                                  (UNAUDITED)

<TABLE>
<CAPTION>
                                                                FOR THE NINE MONTHS
                                                                ENDED SEPTEMBER 30,
                                                         --------------------------------
                                                             1999                1998
                                                         ------------        ------------
<S>                                                      <C>                 <C>
Net Cash Provided by Operating Activities                $    80,307         $    61,152
                                                         ------------        ------------

Cash Flows From Investing Activities:
Interest Earning Securities:
   Purchases                                                (337,684)           (237,865)
   Sales                                                      10,019               1,315
   Maturities, Calls and Mandatory Redemptions               638,281             629,488
Net Increase in Loans                                       (398,526)           (147,822)
Other, Net                                                   (13,657)            (29,632)
                                                         ------------        ------------

Net Cash Provided by (Used in) Investing Activities         (101,567)            215,484
                                                         ------------        ------------

Cash Flows From Financing Activities:
Net Change in Non-Interest Bearing Deposits                   19,746             (53,813)
Net Change in Interest Bearing Deposits                      211,568             144,872
Net Change in Short and Long -Term Credit Facilities         (64,229)            (48,030)
Purchases of Treasury Stock                                  (35,397)            (42,648)
Other, Net                                                    (9,035)             (8,219)
                                                         ------------        ------------

Net Cash Provided by (Used in) Financing Activities          122,653              (7,838)
                                                         ------------        ------------

Net Change in Cash and Cash Equivalents                      101,393             268,798
Cash and Cash Equivalents at January 1                       108,346              74,887
                                                         ------------        ------------

Cash and Cash Equivalents at September 30                $   209,739         $   343,685
                                                         ============        ============

-----------------------------------------------------------------------------------------

Income Taxes Paid                                        $    32,257         $    32,478
Interest Expense Paid                                         93,588              91,358

Noncash Items:

Issuance of stock for acquisitions                       $    44,745         $     8,955
Issuance of stock for employee benefit plans             $     9,147         $     5,183
</TABLE>

The accompanying notes are an integral part of these financial statements.



                                       7
<PAGE>   8


                             U.S. TRUST CORPORATION
            NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.   BASIS OF PRESENTATION

     The condensed consolidated financial statements include the accounts of
U.S. Trust Corporation (individually, the "Parent") and its wholly owned
subsidiaries (collectively, with the Parent, the "Corporation"). All material
intercompany accounts and transactions have been eliminated in consolidation.

     The accounting and reporting policies of the Corporation conform with
generally accepted accounting principles and general practice within the
investment management and banking industries. The preparation of financial
statements requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosures of contingent assets
and liabilities (including, but not limited to the allowance for credit losses,
retirement and postretirement benefits and deferred income taxes) as of the
financial statement dates and the reported amounts of revenues and expenses
during the reporting periods. Since management's judgment involves making
estimates concerning the likelihood of future events, the actual results could
differ from those estimates which will have a positive or negative effect on
future period results.

     In the opinion of management, all adjustments necessary for a fair
presentation of the consolidated financial position and results of operations
for the interim periods have been made. Such adjustments, unless otherwise noted
in these Notes to the Condensed Consolidated Financial Statements and/or
Management's Discussion and Analysis of Financial Condition and Results of
Operations (Part I - Item 2 of this report), are of a normal recurring nature.
These financial statements should be read in conjunction with the audited
financial statements included in the Corporation's annual report on Form 10-K
for the year ended December 31, 1998 as well as the Form 10-Q for the first two
quarters of 1999.

2.   ACCOUNTING CHANGES AND DEVELOPMENTS

     Statement of Financial Accounting Standards No. 131, "Disclosures about
Segments of an Enterprise and Related Information," ("FAS 131") was issued in
June 1997, effective for interim and annual periods beginning with consolidated
financial statements for December 31, 1998. Comparative prior period information
is required. FAS 131 requires disclosure of financial and descriptive
information about the Corporation's reportable operating segments. The
Corporation has presented the financial disclosures and commentary prescribed by
FAS 131 in the "Businesses of U.S. Trust" section of Management's Discussion and
Analysis of Financial Condition and Results of Operations (Part I - Item 2 of
this report).

     In March 1998, Statement of Position No. 98-1, "Accounting for the Costs of
Computer Software Developed or Obtained for Internal Use," ("SOP 98-1") was
issued effective for financial statements issued in 1999. SOP 98-1 requires the
capitalization of eligible costs of specified activities related to computer
software developed or obtained for internal use. SOP 98-1 was adopted by the
Company on January 1, 1999. The adoption of SOP 98-1 has not had a material
effect on the Corporation's financial condition or results of operations.



                                       8
<PAGE>   9


                             U.S. TRUST CORPORATION
      NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

2.   ACCOUNTING CHANGES AND DEVELOPMENTS (CONTINUED)

     In June 1998, Statement of Financial Accounting Standards No. 133,
"Accounting for Derivative Instruments and Hedging Activities," ("FAS 133") was
issued. FAS 133 establishes accounting and reporting standards for derivatives.
FAS 133 requires recognition of all derivatives as either assets or liabilities
in the statement of financial condition and measurement of those instruments at
fair value. Fair market valuation adjustments for derivatives meeting hedge
criteria will be recorded in either comprehensive income or earnings depending
on their classification. The Corporation's use of derivatives to date has been
limited to utilizing interest rate swaps as hedges to mitigate interest rate
exposure associated with short-term floating interest-rate deposits. As such
this use of interest rate swaps would be categorized as a cash flow hedge under
FAS 133 and the effective portion of the gain or loss on the interest rate swaps
would be recorded in comprehensive income. In June 1999, Statement of Financial
Accounting Standards No 137, "Accounting for Derivative Instruments and Hedging
Activities- Deferral of the Effective Date of FASB Statement No 133" ("FAS 137")
was issued. FAS 137 delayed the effective date of FAS 133 one year to fiscal
years beginning after June 15, 2000. Management is evaluating the impact of
adopting FAS 133 and does not believe that it will have a material impact on its
financial condition or its results from operations.

3.   ACQUISITIONS

     On August 31, 1999, the Corporation acquired NCT Holdings, Inc. the parent
of North Carolina Trust Company, a non-deposit banking corporation headquartered
in Greensboro, North Carolina. North Carolina Trust Company primarily engages in
the business of investment management and fiduciary services and has
approximately $2.1 billion in assets under management. Under the terms of the
acquisition, the Corporation made a $41.5 million initial payment comprised of
both cash and common stock of the Corporation (411,773 shares) and may make
additional payments based upon business retention and other considerations.

     On January 29, 1999, the Corporation acquired Radnor Capital Management,
Inc., an investment management company located in Wayne, Pennsylvania with
approximately $727 million in assets under management. Under the terms of the
acquisition, the Corporation made a $7.8 million initial payment in the form of
the Corporation's common shares (101,604 shares) and may make additional
payments in its own common shares based upon business retention and other
conditions.

     These acquisitions were accounted for using the purchase method of
accounting and did not have a material effect on the Corporation's financial
statements.




                                       9
<PAGE>   10


                             U.S. TRUST CORPORATION
      NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

4.   EARNINGS PER SHARE

     The calculations of basic earnings per share and diluted earnings per share
for the three-month and nine-month periods ended September 30, 1999 and
September 30, 1998 are reflected in the following table.

<TABLE>
<CAPTION>
                                                                      Three Month Periods             Nine Month Periods
                                                                      Ended September 30,            Ended September 30,
-------------------------------------------------------------------------------------------------------------------------
(In Thousands)                                                          1999       1998               1999          1998
-------------------------------------------------------------------------------------------------------------------------
<S>                                                                  <C>        <C>               <C>           <C>
Net income for basic earnings per share                                $19,529    $15,882           $57,417       $45,870
Dividend equivalents on stock based benefit plans (after-tax)              220        179               614           502
                                                                     ---------  ---------         ---------     ---------
Net income for diluted earnings per share                              $19,749    $16,061           $58,031       $46,372

Weighted average shares outstanding for basic earnings per share        18,527     18,707            18,540        18,823
Dilutive effect of stock based benefit plans                             2,685      2,432             2,597         2,320
                                                                     ---------  ---------         ---------     ---------
Total dilutive shares outstanding                                       21,212     21,139            21,137        21,143
                                                                     =========  =========         =========     =========

Basic earnings per share                                               $  1.05    $  0.85           $  3.10       $  2.44
                                                                     =========  =========         =========     =========

Diluted earnings per share                                             $  0.93    $  0.76           $  2.75       $  2.19
                                                                     =========  =========         =========     =========
</TABLE>

5.   NET INTEREST REVENUE

     The following is an analysis of the composition of net interest revenue:

<TABLE>
<CAPTION>
                                                    Three Month Periods                       Nine Month Periods
                                                    Ended September 30,                      Ended September 30,
                                             --------------------------------         ---------------------------------
                                                                    Increase                                  Increase
(In Thousands)                                 1999       1998     (Decrease)            1999       1998     (Decrease)
----------------------------------------     --------   --------  -----------         ---------   --------  -----------
<S>                                          <C>        <C>       <C>                 <C>         <C>       <C>
Interest revenue:
   Loans                                     $ 45,338   $ 38,052        19.1%           126,213    110,088        14.6%
   Securities:
     Taxable                                   13,346     14,498        (7.9)            41,524     45,284        (8.3)
     Tax-exempt                                 1,204      1,037        16.1              3,472      2,875        20.8
   Short-term investments and deposits
       with banks                               1,706      2,051       (16.8)             8,004      8,202        (2.4)
                                             --------   --------  -----------         ---------   --------  -----------
Total interest revenue                         61,594     55,638        10.7            179,213    166,449         7.7
                                             --------   --------  -----------         ---------   --------  -----------

Interest expense:
   Deposits                                    30,087     27,259        10.4             83,818     80,123         4.6
   Short and long-term credit facilities        2,950      3,540       (16.7)             8,926     11,132       (19.8)
                                             --------   --------  -----------         ---------   --------  -----------
Total interest expense                         33,037     30,799         7.3             92,744     91,255         1.6
                                             --------   --------  -----------         ---------   --------  -----------
Net interest income                            28,557     24,839        15.0             86,469     75,194        15.0
   Provision for credit losses                      -       (150)        N/M                  -       (450)        N/M
   Securities gains, net                            -          1         N/M                 17          4         N/M
                                             --------   --------  -----------         ---------   --------  -----------
Net interest revenue                         $ 28,557   $ 24,690        15.7%         $  86,486   $ 74,748        15.7%
                                             ========   ========  ===========         =========   ========  ===========
</TABLE>


                                       10
<PAGE>   11



                             U.S. TRUST CORPORATION
      NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

6.   PLEDGED ASSETS

     Financial instruments carried at $203.1 million on September 30, 1999 and
$230.3 million on December 31, 1998 were pledged to secure public deposits as
collateral for borrowings, to qualify for fiduciary powers and for other
permitted purposes.

7.   CONTINGENCIES

     There are various pending and threatened actions and claims against the
Corporation in which the Corporation has denied liability and which it will
vigorously contest. Although there can be no assurance as to the ultimate
outcome, management, after consultation with counsel and based on current
available information, is of the opinion that the ultimate resolution of such
matters, taken in the aggregate, is unlikely to have a material adverse effect
on the Corporation's financial position, results of operations or cash flows.

8.   RECLASSIFICATIONS

     Certain amounts presented in the prior period have been reclassified to
conform with the current period's presentation.

9.   OPERATING SEGMENTS

     The Corporation has presented the financial disclosures on its operating
segments in the "Businesses of U.S. Trust" section of Management's Discussion
and Analysis of Financial Condition and Results of Operations (Part I - Item 2
of this report).





                                       11
<PAGE>   12



                                    SIGNATURE



     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused Amendment No. 1 to be signed on its behalf by the
undersigned thereunto duly authorized.





                                                         U. S. Trust Corporation
                                                         -----------------------
                                                                    (Registrant)





Date:  December 1, 1999                            By:  /s/ Richard E. Brinkmann
       ----------------                               --------------------------
                                                            Richard E. Brinkmann

                                                           Managing Director and
                                                                     Comptroller
                                                  (Principal Accounting Officer)
                                                  ------------------------------





                                       12