US brokerage giant Merrill Lynch has hired former chief operating officer of Freddie Mac, Eugene McQuade, to be vice chairman and president of its US banking operations. Freddie Mac is the second-largest mortgage finance company in the US. Mr McQuade will oversee operations at Merrill Lynch Bank USA and Merrill Lynch Bank & Trust Co. He will report to Robert McCann, president of global wealth management, and join that unit's executive committee. Mr McQuade is one of several executive appointments made by John Thain, chairman and chief executive officer of Merrill Lynch, since he came into the role when his predecessor, Stan O'Neal, was ousted from the role in October. “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," said Mr Thain. Prior to Freddie Mac, Mr McQuade was a president of Bank of America. He was also formerly president and chief operating officer of FleetBoston Financial, and executive vice president and controller of Manufacturers Hanover, a predecessor of JP Morgan Chase.