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Citigroup names McQuade to lead new application to Fed: memo

A man walks past a Citibank branch in lower Manhattan, New York October 16, 2012. REUTERS/Carlo Allegri
A man walks past a Citibank branch in lower Manhattan, New York October 16, 2012. REUTERS/Carlo Allegri

NEW YORK (Reuters) - Citigroup Inc said on Thursday that Gene McQuade, a bank executive who was retiring to become a director, will lead a new push to win permission from the Federal Reserve to pay higher dividends and buy back stock.

The announcement came in a memo to employees from CEO Mike Corbat. Corbat said the Fed's rejection last week of Citigroup's plan to distribute capital "is a call to action for our firm."

Before the Fed objected to the plan, Citigroup had said McQuade would retire as chief executive of Citibank, the company's main operating subsidiary, and be nominated to the company's board of directors.

McQuade will oversee the so-called CCAR application process to the Fed for the next year, according to the memo.

(Reporting by David Henry in New York; Editing by David Gregorio)

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