Citi Gets New CFO, Hires McQuade To Run Citibank |
| Wall Street Journal - Jul 9, 2009 |
In a surprise reshuffling of top management, Citigroup Inc. (C) lured one of the nation's most respected bankers to run its depository business and moved its chief financial officer into a job heading strategy and Citi's own dealmaking.
Eugene McQuade, the new chief executive of Citibank, has a lot of experience in banking - and with managing institutions in financial trouble. He was chief operating officer of Freddie Mac (FRE), head of banking at Merrill Lynch & Co. and president of Bank of America Corp (BAC). He was a highly regarded chief financial officer at FleetBoston Financial, when that bank sold itself to Bank of America in 2004.
As CEO of Citibank, he will run the unit at the heart of Citi's effort to change from a financial-services conglomerate to a bank. Citibank is Citi's main banking unit, holding deposits from consumers and businesses as well as other Citi units. Deposits are key for Citigroup: The company was hobbled as the financial crisis unfolded because it didn't have enough deposits, and it had too much financial leverage from the securities business. The imbalance left regulators deeply worried about Citi's ability to survive.
Read Full Article from Wall Street Journal
- Posted: 2009-07-09 10:43:07
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