Man who said "no" to the top slot at lending financier joins Merrill's GWM. Merrill Lynch has made former Freddie Mac executive Eugene McQuade vice chairman and president of its U.S. banks. This puts him in charge of all U.S. banking operations, including Merrill Lynch Bank USA and Merrill Lynch Bank & Trust, FSB and gives him a seat on the executive committee of Merrill Lynch Global Wealth Management (GWM).

McQuade reports to Robert McCann, head of Merrill's GWM division.

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"Gene's appointment underscores the importance we place on banking and the tremendous business opportunities it creates for our franchise," says John Thain Merrill's chairman and CEO. "He is an outstanding executive with deep experience in the banking industry and we will look to his leadership as we further develop and implement our strategy for the bank group."

Last spring, McLean, Va.-based Freddie Mac, a dealer in mortgages and mortgage-backed securities, said that McQuade, its president and COO, had turned down the chance to become its CEO. He left the company when his employment contract ended last summer.

Before joining Freddie Mac in September 2004, McQuade was president of Bank of America and before that president of FleetBoston (which merged with Bank of America in 2004). -FWR

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