By Josh Beckerman
Citigroup Inc. has named the former chief executive of its
Citibank unit, Eugene M. McQuade, to its board.
Mr. McQuade served for just over a year as Citigroup vice
chairman before retiring in May. Also in May, he was named chairman
of insurance and reinsurance company XL Group PLC.
In 2014, Citigroup Chief Executive Michael Corbat asked Mr.
McQuade to delay his retirement to work on the bank's efforts to
pass the Federal Reserve's annual stress test.
The Fed in March cleared Citigroup's 2015 stress-test request,
giving it permission to raise its dividend for the first time since
the financial crisis.
Citigroup Chairman Michael E. O'Neill said in a statement Monday
that "not only does Gene bring a wealth of expertise from his deep
experience in banking, but he also offers continuity of knowledge
in the capital planning process which has become so central to our
business planning."
The appointment increases the size of Citigroup's board to 14
members from 13, according to a Citigroup spokeswoman.
Before Mr. McQuade joined Citigroup in 2009, he worked at
FleetBoston Financial, Freddie Mac and Merrill Lynch.
Write to Josh Beckerman at josh.beckerman@wsj.com
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