Merrill Lynch & Co. Inc. hired Eugene M. McQuade, formerly of Freddie Mac and Bank of America Corp., to run its U.S. banking group.
Mr. McQuade joined Merrill Monday as a vice chairman of the company and president of its U.S. banks, including Merrill Lynch Bank USA and Merrill Lynch Bank and Trust Co.
He reports to Robert J. McCann, Merrill's president of global wealth management, and will join the global wealth management executive committee.
Mr. McQuade was Freddie Mac's president and chief operating officer. Previously he was president of Bank of America, president and chief operating officer of FleetBoston Financial, and executive vice president and controller of Manufacturers Hanover Corp.
When he left Freddie Mac in May after turning down the role of chief executive, he said he wanted to return to the private sector to run a more "traditional" financial institution.
John A. Thain, Merrill's chairman and CEO, said in a press release, "Gene's appointment underscores the importance we place on banking and the tremendous business opportunities it creates for our franchise.
