McQuade Named Prez of Merrill Banks

Eugene M. McQuade, former president and chief operating officer of Freddie Mac, has been named vice chairman and president of Merrill Lynch's U.S. banks. He will report to Robert J. McCann, president of Global Wealth Management at Merrill Lynch, and join the Global Wealth Management Executive Committee, the company said. Mr. McQuade surprised many observers last spring when he turned down an offer to be Freddie Mac's chief executive officer. Before joining Freddie Mac, he served as president of Bank of America Corp., president and COO of FleetBoston Financial, and executive vice president and controller of Manufacturers Hanover Corp., a predecessor of J.P. Morgan Chase.