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Lending / The Ticker

Head of Citigroup residential mortgages gets big promotion

Jane Fraser named CEO of U.S. Consumer & Commercial Banking at Citigroup

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Citigroup (C) announced that two long-time executives, Cece Stewart and Gene McQuade, are retiring from the company, an article in Reuters said.

Stewart has been president of the U.S. Consumer & Commercial Banking business and McQuade has been chief executive officer of Citibank, N.A., one of the company's key legal entities.

Jane Fraser, who has been in charge of residential mortgage lending, will have an expanded role as CEO of U.S. Consumer & Commercial Banking.

Barbara Desoer, who has been chief operating officer of Citibank, N.A. will succeed McQuade as CEO of the entity.

McQuade has been nominated to be a director of the company and will stand for election to the board at Citigroup's annual meeting in April, the company said.

Source: Reuters
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